There was much pessimism as investors rang in the new year six months ago. Bitcoin, weighed down by regulatory uncertainty and the collapse of crypto giant FTX, had fallen below $16,000 per coin, far lower than its record of $69,000 notched in 2021.But six months in, bitcoin has largely grown in value, and optimism is slowly replacing trepidation in the minds of investors.
The traditional stock market has also managed to stay above water and perform well, despite the Fed hiking rates and all of the talk of a recession. The Dow Jones Industrial Average is up about 4% since the start of the year, the S&P 500 has risen more than 16%, and the Nasdaq composite has expanded an astonishing 33%.
More recent Wall Street-driven developments have also been a boon for bitcoin and other cryptocurrencies. Konstantin Shulga, CEO and co-founder of Finery Markets, said that the BlackRock filing is a testament to the public’s “unwavering interest” in bitcoin even despite last year’s massive losses and potential regulatory changes.