Bitcoin manages to update 13-month high

The value of the flagship cryptocurrency has exceeded $ 31,300, the first time since June 1, 2022. Thus, bitcoin has reached its highest level in 13 months, rising by 1.1% per day. At the time of writing, BTC is already trading at $ 31,004.

The BTC rate began to rise after it became known that BlackRock had re-applied for the registration of a spot bitcoin ETF through the NASDAQ exchange. The investment company’s partner is the Coinbase crypto exchange. This platform was also mentioned by the BZX Cboe exchange, which represents the issuers of potential bitcoin ETFs Fidelity, WisdomTree, VanEck, ARK Invest, and Invesco.

The total market capitalization of cryptocurrencies rose by 0.8% to $ 1.25 trillion over the day, with daily trading volume of $ 44 billion. Prices of some other cryptocurrencies rose after bitcoin. Ethereum managed to rise in price by 0.4% to $ 1953, Ripple by 1.4% to $ 0.48, and Cardano by 1.2% to $ 0.29.

A few days earlier, the value of the flagship cryptocurrency instantly rose to $ 31,200, thanks to the news of Fidelity’s ETF. The well-known investment company Fidelity has filed an application with the US Securities and Exchange Commission (SEC) to register a spot bitcoin ETF.

According to the co-founder of the decentralized exchange Vertex Protocol, Darius Tabatabai, the launch of spot bitcoin ETFs will create conditions for the massive entry of large capital into the crypto sphere. Jaime Baeza, founder of the hedge fund ANB Investments, shares the same opinion. «Despite the regulatory problems in the US, the actions of BlackRock and Fidelity confirm the growing institutional interest in digital assets,» Baeza emphasized.