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Bitcoin climbed above $30,000 Wednesday, after investment firm BlackRock filed notice of an intention to open an exchange traded fund for the cryptocurrency. File Photo by John Angelillo/UPI | License Photo
June 21 (UPI) — Bitcoin climbed above $30,000 Wednesday, after investment firm BlackRock filed notice of an intention to open an exchange traded fund for the cryptocurrency.
The price hit a high point of $30,067.01 for the most recognizable cryptocurrency, on Wednesday.
The figure represents a six-week high for Bitcoin and an approximately 10% increase over the past 24 hours.
BlackRock, the multi-national investment company based in New York City, filed the paperwork with U.S. regulators last week.
A flurry of other investment firms focused on digital assets have since followed suit, including WisdomTree and Valkyrie, leading to the crypto currency’s rise on Wednesday.
Blackrock has an existing relationship with Coinbase, a publicly-traded company based in San Francisco and which operates a cryptocurrency exchange platform.
Coinbase is listed as the custodian of BlackRock’s proposed ETF, on documents filed with the U.S. Securities and Exchange Commission.
BlackRock is the world’s largest money manager.
“The slate of spot bitcoin ETF application announcements by larger institutions has definitely brought back bullishness into the crypto markets,” Vijay Ayyar with Indian crypto exchange CoinDCX told CNBC in an interview.
Digital assets have drawn negative news over the last half year, after the collapse of crypto exchange FTX and subsequent criminal case against its co-founder Sam Bankman-Fried.
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