Bitcoin Surges to 13-Month High, Soars 3.28% to Reach $31,500

On Thursday, July 6, Bitcoin surged to its highest level in 13 months, experiencing a significant jump of 3.28% to reach $31,500 (approximately Rs 25,97,767), as reported by Reuters.

The surge in the value of the world’s largest cryptocurrency can be attributed to the growing interest from fund managers, including global asset manager BlackRock, who have plans to launch a US-listed spot bitcoin ETF.

According to CoinMarketCap, a popular crypto trading exchange, the current market capitalization of bitcoin witnessed a 2.2% increase, reaching $610,122,773,744. On July 7, 2022, Bitcoin was traded at $20,547.81.

Nasdaq recently resubmitted its application to list BlackRock’s ETF, following concerns raised by the US securities regulator regarding the initial filings. The updated filing, submitted to the US SEC on Thursday, stated that Coinbase Global Inc would provide market surveillance to support the proposed ETF from the world’s largest asset manager.

This move by Nasdaq comes in response to the regulator’s concerns about the initial filings, which were deemed unclear and incomplete. Similar concerns were raised by the regulator to Cboe regarding a filing from Fidelity.

Summary

Bitcoin surged to a 13-month high, jumping 3.28% to $31,500 on July 6. The increase was fueled by growing interest from fund managers, including BlackRock, planning to launch a US-listed spot bitcoin ETF. Nasdaq resubmitted its application to list BlackRock’s ETF, addressing concerns from regulators about initial filings. Market capitalization for bitcoin rose 2.2% to $610 billion.