That rally has erased some of bitcoin's losses from 2022, when its price cratered in the face of rising interest rates and the collapse of high-profile exchanges like FTX – although it still trades more than 50% below its all-time price of just under $69,000, reached in November 2021.
Around a third of its gains year-to-date have come since BlackRock filed with the SEC last month, which sparked a flurry of spot ETF applications from rival asset managers including Fidelity, Invesco, and WisdomTree. , saying that major exchange Coinbase will provide market surveillance for the fund, after the regulator reportedly had initial concerns about some paperwork being unclear and incomplete.
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