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HomeTop NewsBitcoin rises as much as 3.28% to $31,500, its highest in 13-month

Bitcoin rises as much as 3.28% to $31,500, its highest in 13-month

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Bitcoin hit its highest level in 13 months on Thursday rising as much as 3.28 percent to $31,500.

The world’s largest cryptocurrency has recently found support due to plans by fund managers, including BlackRock – the world’s largest asset manager – to launch a U.S.-listed spot bitcoin exchange-traded fund (ETF).

Nasdaq refiled its application to list BlackRocks’s ETF according to a filing made public on Monday after the U.S. securities regulator had reportedly raised concerns over initial filings.

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The world’s biggest asset manager, BlackRock had last month filed for a bitcoin exchange-traded fund (ETF) that would allow investors to get exposure to the cryptocurrency, as the asset class comes under intense regulatory scrutiny.

BlackRock’s iShares Bitcoin Trust will use Coinbase Custody as its custodian, according to a filing with the U.S. Securities and Exchange Commission (SEC). The U.S. regulator has yet to approve any applications for spot bitcoin ETFs.

Last year, BlackRock launched a spot bitcoin private trust for institutional clients in the United States.

The move comes at a time when the global cryptocurrency industry has been caught in the crosshairs of the U.S. securities regulator on alleged violations of securities laws.

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