Bitcoin jumps to highest since early May, buoyed by BlackRock ETF filing

Bitcoin ( BTC-USD ) surged to the highest level seen since the start of May in Tuesday mid-afternoon trading on news last week that asset management giant BlackRock ( BLK ) filed an application to create what would be the first-ever spot bitcoin exchange-traded fund in the U.S. Despite risk-off action taking hold across traditional markets, the world's largest digital token by market cap ( BTC-USD ) rose 5.5% to $28.13K at 3:03 p.m. ET. Ethereum ( ETH-USD ) was also trading in the green, drifting up 3.6% to $1.78K. The bullish price action comes as BlackRock's ( BLK ) bet on bitcoin ( BTC-USD ) "shows Bitcoin continues to be an asset of interest for some of the world’s largest financial institutions," CF Benchmarks CEO Sui Chung said in a statement this past week. “An estimated 20% of Americans have now owned bitcoin at some point," he added. "BlackRock’s proposed ETF potentially offers the other 80% an option that is altogether more familiar and accessible.” Note that this isn't BlackRock's ( BLK ) first foray into the crypto space. The company last August unveiled its first-ever private trust offering direct BTC exposure to its U.S.-based institutional clients. Shortly before that, it teamed up with crypto exchange Coinbase Global ( COIN ) to provide institutional clients access to direct BTC trading capabilities. The BLK ETF filing also helped to repair the discount on Grayscale Bitcoin Trust's ( OTC:GBTC ) share price relative to net asset value, narrowing to the lowest level since last September at around 33%. GBTC shares gapped up 8.8% at the time of writing. Crypto-exposed stocks on the move include: Iris Energy ( IREN ), +19.3% , Hut 8 Mining ( HUT ), +15.7% , Bit Digital ( BTBT ), +17.4% , Marathon Digital ( MARA ), +15.4% , and HIVE Blockchain ( HIVE ), +11.8% . More on the Crypto Market EDX Markets launches digital asset market; closes new financing round Crypto funds log minor outflows in past week - report Bitcoin: New Fantasy Despite Summer Lull And Uncertainties (Technical Analysis)