Bitcoin, the world’s largest cryptocurrency, hit a more than a year high on Friday, ending a week of gains buoyed in part by BlackRock’s plans to create a bitcoin exchange-traded investment fund (ETF), despite the ‘intense US regulatory oversight of the digital asset sector.
BlackRock, the world’s largest asset manager, last week registered the launch of iShares Bitcoin Trust, an ETF that would have Coinbase Custody as its custodian and would offer institutional investors exposure to the cryptocurrency.
The measures have revived investor interest in cryptocurrencies, which have been at a low ebb following a string of cryptocurrency company crashes, including the sudden collapse of FTX exchange last year.
Bitcoin gained nearly 25% from BlackRock’s filing. The currency hit $31,458 on Friday, its highest level since June 7, 2022, and climbed 3.29% to $30,872.
“The dark clouds hanging over cryptocurrencies have dissipated in recent days amid an explosion of institutional interest,” said Kate Laurence, managing partner at Bloccelerate VC, which invests in crypto projects.
“The fact that companies like BlackRock, Charles Schwab, Fidelity and Citadel have entered the cryptocurrency market is extremely significant, as it shows that institutions are taking this sector very seriously, despite the recent regulatory crackdown.”
Source: Terra
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