Bitcoin stages a comeback, rallying 25% since BlackRock filed for its crypto fund
- Bitcoin has staged a comeback this year, rebounding by almost 90% after a dismal 2022.
- The cryptocurrency has rallied 25% since June 15 alone.
Bitcoin has staged on an impressive rally over the past three weeks to cement its status as one of the biggest success stories of the year in markets.
Its price has jumped 25% to over $30,000 from the lows reached on June 15 – the date that the world's largest asset manager BlackRock filed an application with the Securities and Exchange Commission to launch an exchange-traded fund tracking the cryptocurrency.
The token is now up almost 90% year-to-date, meaning it's outperforming the benchmark S&P 500 share index, as well as soaring Big Tech stocks including Apple, Amazon, Microsoft, and Google parent Alphabet.
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.
Nasdaq has subsequently refiled BlackRock's application, 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.
BlackRock CEO Larry Fink said Wednesday in an interview with Fox Business that he believes the asset manager's ETF will "democratize crypto" and make it cheaper for people to trade bitcoin.