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June 21 (UPI) — Bitcoin experienced a surge above $30,000 on Wednesday, following BlackRock’s announcement of its plans to establish an exchange traded fund (ETF) for the cryptocurrency.
The price reached a peak of $30,067.01 for the well-known digital currency.
This figure represents Bitcoin’s highest value in six weeks and signifies an approximately 10% increase within the past 24 hours.
New York City-based multinational investment firm, BlackRock, submitted the necessary documentation to U.S. regulators last week.
Since then, numerous other investment companies specializing in digital assets, such as WisdomTree and Valkyrie, have followed suit, contributing to Bitcoin’s surge.
BlackRock has an existing partnership with Coinbase, a publicly-traded San Francisco-based company that operates a cryptocurrency exchange platform.
Coinbase is listed as the custodian of BlackRock’s proposed ETF, as indicated in documents submitted to the U.S. Securities and Exchange Commission.
As the world’s largest money manager, BlackRock’s application, along with other institutional announcements regarding spot Bitcoin ETFs, has reinvigorated bullish sentiment in the crypto markets, according to Vijay Ayyar from Indian crypto exchange CoinDCX, in an interview with CNBC.
Digital assets have faced negative publicity in the past six months due to the collapse of crypto exchange FTX and the subsequent criminal case against its co-founder, Sam Bankman-Fried.
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