Bitcoin hits more than 1-year high amid BlackRock ETF excitement

Bitcoin hit a one-year high, boosted by BlackRock’s plans to set up a bitcoin exchange-traded fund (ETF), despite high US regulatory scrutiny in the digital asset sector. The world’s largest asset manager filed to launch the iShares Bitcoin Trust, providing institutional investors exposure to cryptocurrencies. Investors turned cautious as interest rates rose, reducing the market value from $3tn in 2021 to $1.24tn. The US Securities and Exchange Commission also filed a lawsuit against Coinbase Global and Binance for allegedly violating its rules; however, they denied the allegations.