Bitcoin, the revolutionary currency challenging the traditional financial system, has overcome a period of decline with the backing of prominent figures from Wall Street. The original cryptocurrency has surged by 20%, reaching its highest level in two months at $30,182 in the past 11 days. This upturn followed BlackRock, the world's largest asset manager, expressing optimism about the possibility of a regulated bitcoin exchange-traded fund (ETF) in the United States. This news revitalized bitcoin and put an end to two consecutive weeks of losses. Bitcoin's market value has now grown to represent nearly half of the total $1.1 trillion cryptocurrency market, its highest share in over two years, according to data from CoinMarketCap.com.
Following BlackRock's filing, Invesco and WisdomTree have also resubmitted applications for spot bitcoin ETFs, having previously faced rejections from the regulatory body. This surge in applications to the U.S. watchdog comes shortly after the SEC filed lawsuits against major crypto exchanges Coinbase and Binance, alleging violations of securities laws, which has cast a shadow over the cryptocurrency market." A survey conducted this year by TrackInsight, J.P. Morgan Asset Management, and State Street revealed that 48% of the 549 international professional investors polled would consider investing in single-cryptocurrency exchange-traded products, compared to 37% who expressed direct interest in investing.
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