After witnessing persistent weakness, Bitcoin (BTC-USD), the largest cryptocurrency worldwide, is up 8.2% to $28,892 today. Despite recent regulatory hiccups in the crypto space, BTC is now up ~74% year-to-date and inching ever closer to the $29,000 mark.
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The buoyant sentiment comes after asset manager BlackRock (NYSE:BLK) filed paperwork for a BTC exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission. The proposed ETF called iShares Bitcoin Trust promises to shore up institutional faith in cryptocurrencies after weeks of outflows in investment products with a focus on digital assets.
While the regulatory body is yet to give its blessing for the launch of a spot BTC ETF in the U.S., a court ruling on its denial of converting the Grayscale Bitcoin Trust (GBTC) into an ETF is anticipated later this year.
Ethereum (ETH-USD), the second largest cryptocurrency, too is up nearly 5% to $1,815 today and remains ~50% up year-to-date. Meanwhile, technicals suggest BTC has now decisively broken past its 9-day moving average and after taking support on the trendline for a third time, could continue to rise up for a while.
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