Bitcoin reached its highest level in over a year on 3 July, with the price hitting $31,250. This surge has been spurred by efforts from BlackRock and Nasdaq towards launching a Bitcoin exchange-traded fund (ETF). In response to the concerns raised by the Securities and Exchange Commission (SEC), Nasdaq has resubmitted its application to the regulator. The bid for launching the US’s first spot Bitcoin ETF by BlackRock signals a significant institutional adoption for cryptocurrency. Nonetheless, Bitcoin and Ethereum are still 55% and 57% down from their all-time highs respectively. The total crypto market capitalisation, however, has grown from $911 billion to $1.25 trillion over the past year.