Bitcoin notched its highest price in over a year on Monday, coasting upwards on news that BlackRock resubmitted its application for a spot Bitcoin ETF.

The largest coin by market capitalization traded hands at $31,250 as of this writing, according to CoinGecko. It represents a gain of 2.4% over the past day and Bitcoin’s highest price since June of last year.

Over the past year, Bitcoin has risen 62%, navigating multiple crises like the collapse of cryptocurrency exchange FTX and the historic blowup of several regional banks, eventually ending up in the green.

Last June was one of Bitcoin’s worst months since 2011, sliding as low as $19,000 from around $30,000. At that time, inflation in the U.S. peaked at a four-decade high of 9.1%, and the Federal Reserve ratcheted interest rates by 75 basis points, its largest hike in 28 years.

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Author: André Beganski

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