BlackRock’s spot Bitcoin proposal seems to have rekindled both retail and institutional interest in Bitcoin, helping the latest rally to take the price earlier today above the $29,000 level for the first time in over six weeks.

As CoinDesk reported on 16 June 2023, last Thursday (15 June 2023), BlackRock’s iShares unit filed paperwork with the U.S. Securities and Exchange Commission (SEC) for the formation of a spot bitcoin (BTC) ETF.

Source: U.S. SEC

According to data from TradingView, on crypto exchange Bitstamp, the BTC price hit $29,014 at 1:12 a.m. UTC; this is the first time that Bitcoin had traded above the $29K level since 7 May 2023. For the year-to-date period, the Bitcoin price is up 73.33% (as of 6:44 a.m. UTC on 21 June 2023).

Source: TradingView

An article published in Bloomberg earlier today attributes “this rebound in crypto market sentiment” to “a string of encouraging developments,” of which the two significant are BlackRock’s aforementioned spot Bitcoin ETF application and the launch of a new crypto trading platform (named EDX Markets) backed by Wall Street giants Citadel Securities, Fidelity Digital Assets, and Charles Schwab Corp.

The Bloomberg article also mentioned that Deutsche Bank AG is “seeking regulatory approval to operate a digital asset custody service.”

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