Cryptocurrency leader Bitcoin touched yearly high at $31,000 during trading session on June 23 as BlackRock’s Spot Bitcoin ETF has offered the much-needed boost to investor sentiment. BlackRock filed for spot ETF approval with SEC last week and this has led to Bitcoin’s rise from 25,000 levels. BlackRock is the biggest asset manager in the world and approval of ETF can offer an easy way for large corporations to invest in Bitcoin.

With Bitcoin soaring to yearly highs, other popular cryptocurrencies also witnessed strength. Ethereum, ADA, BNB, Solana, LTC, Link, DOT and DOGE were trading strong. Maker was the worst performer among top 25 cryptocurrencies.

After last year’s collapse of crypto exchange FTX, all the currencies and crypto assets have witnessed a quick erosion in valuation. Since BlackRock’s filing, Bitcoin has jumped nearly 25 percent while the second most valuable cryptocurrency, Ethereum, has jumped 16 percent.

Kate Laurence, general partner of Bloccelerate VC commented on Bitcoin’s recent strength, "The dark clouds overshadowing crypto have lifted in recent days amid a burst of institutional interest."