Bitcoin Price Soars to New Yearly High as BlackRock Resubmits ETF Filing

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Summary: BlackRock has refiled its application for a Bitcoin spot market exchange-traded fund, addressing concerns raised by the SEC. This has led to Bitcoin's price soaring, setting a new all-time high for the cryptocurrency. Bitcoin has gained 62% over the previous year and its highest level since June 2022.

News that BlackRock has resubmitted its application for a spot Bitcoin ETF sent the price of Bitcoin soaring on Monday, setting a new all-time high for the cryptocurrency for this year. According to CoinGecko, Bitcoin changed hands at $31,340 and is up 1.37% in last 24 hours at the time of writing. This is the highest price Bitcoin has been since June of last year.

Tough Journey

Bitcoin has gained 62% over the previous year, despite facing many challenges during this timeframe. Moreover, Bitcoin had one of its worst months ever in June last year, dropping from about $30,000 to as low as $19,000. The Federal Reserve raised interest rates by 75 basis points at the time, the highest increase in over 30 years in response to inflation that had reached 9.1 percent.

Credit Goes to BlackRock

Experts now regard BlackRock’s bid to launch the first U.S.-based spot Bitcoin ETF as a watershed moment in the crypto industry. An exchange-traded fund (ETF) from BlackRock would make it simpler for institutions to have exposure to Bitcoin.

After getting criticism from the U.S SEC over its first proposal for a Bitcoin spot market exchange-traded fund, BlackRock has refiled the application with modifications.

Names Coinbase as Surveillance Partner

In a recent filing made on its behalf by the Nasdaq exchange, BlackRock addressed one of the key concerns the SEC has raised when rejecting applications for Bitcoin spot ETFs historically by stating it finalized a surveillance agreement with Coinbase.

Meanwhile, Ethereum has risen 2.9% in the previous day and is now trading at $1,969. Ethereum has increased by over 85% over the last 12 months, while its current price is not its highest in nearly a year as the crypto briefly went beyond $2,100 in April.

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Despite this, Bitcoin and Ethereum are still down 55% and 57% from their respective November 2021 highs of $69,000 and over $4,900. While Bitcoin and Ethereum account for over 65% of the cryptocurrency market, other altcoins have been under pressure due to SEC enforcement proceedings.

Ravi Kumar