Bitcoin's Price Blastoff

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  • Bitcoin experienced a mid-June surge on Friday morning (ET), surpassing $31,000 and reaching a one-year high. However, it later dropped below this threshold. Currently, the largest cryptocurrency by market capitalization is trading at $30,894.
  • Following recent developments in the financial industry, Bitcoin started to gain momentum earlier this week. Notably, BlackRock, the world's largest asset manager, submitted an application for a spot ETF, while Invesco and WisdomTree, two prominent financial services companies, also resubmitted their applications for similar products.

Why it matters

Investors who were shaken earlier this month by Securities and Exchange Commission (SEC) lawsuits against crypto exchanges Binance and Coinbase, were heartened by the ETF filings that underscored the ongoing commitment of large institutional investors to enlarge their presence in the digital asset space.


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