Soon after news of BlackRock’s application on Thursday, the price of Bitcoin climbed from below $25k to nearly $25,500

The price of the world’s biggest cryptocurrency in terms of market cap was holding steady near $27k on Tuesday.

Partnering with U.S.-based crypto exchange Coinbase and financial services giant Nasdaq, the company expects to provide retail investors the ability to buy into Bitcoin’s daily price changes via ordinary brokerage accounts—a potentially cutting edge development that would expose Bitcoin to trillions more in capital.

Soon after news of BlackRock’s application on Thursday, the price of Bitcoin climbed from below $25k to nearly $25,500, as per data from CoinGecko. The cryptocurrency surpassed $26k on Friday, and over the weekend, the coin’s price continued to hold steady—almost breaching $27k on Monday. During the last week, Bitcoin was nearly 3 per cent higher.

The bounce back in Bitcoin’s price came soon after the U.S. Fed announced a halt in a more-than-year-long series of interest rate hikes. In its announcement, the central bank struck an especially hawkish tone, suggesting that more hikes were possible in the near future. Soon afterwards, the price of Bitcoin dropped steeply, slumping below $25k, but with BlackRock’s ETF application, Bitcoin’s drop suddenly reversed.

Since the beginning of 2023, the price of the original cryptocurrency has risen considerably. Beginning at nearly $16k in January, it nearly doubled in April and surpassed the $30k mark, the first time it reached that milestone in nearly a year.

Though, with the continuing pressure from the U.S.’s regulatory clampdown, Bitcoin has since dropped. In the beginning of June, the Securities and Exchange Commission filed two lawsuits against Binance and then Coinbase, two of the world’s biggest crypto exchanges. After the Securities and Exchange Commission’s lawsuit against Binance, the price of Bitcoin declined from around $27,500 to below $26k.