As of Wednesday morning, shares were trading around $70, and the publicly traded firm’s market cap has increased to around $16.4bln

Coinbase shares dropped nearly 20 per cent in early June after the US Securities and Exchange Commission’s lawsuits against Binance and then Coinbase.

But Coinbase stock has rebounded, increasing nearly 35 per cent after declining to a low of around $51 on the day that the Securities and Exchange Commission sued the U.S.’s biggest crypto exchange. As of Wednesday morning, shares were trading around $70, and the publicly traded firm’s market cap has increased to around $16.4bln.

The revival of Coinbase reflects the wider recovery of the crypto sector in June, riding a Wall Street–led interest for Bitcoin that has boosted other cryptocurrencies and induced hope into a sector that was tumbling from enforcement actions from the federal government.

The Coinbase stock has been rallying, Bitcoin’s price has been rallying, and then these two things generally play off of each other, Omid Malekan, an adjunct professor at CBS who specializes in the crypto market, told Fortune.

Particularly, Bitcoin’s revival is linked to BlackRock’s recent filing of an application for Bitcoin spot ETF, a surprising vote of confidence from the U.S.’s biggest asset manager in the world’s biggest cryptocurrency.

Soon after BlackRock’s application became public, Bitcoin’s price surged, reaching its highest level in over a year as a number of other asset managers filed applications for Bitcoin spot exchange-traded funds, potentially opening up the cryptocurrency to trillions in dollars from brokerage accounts and pension funds.

As a result, the total market cap of all cryptocurrencies climbed from just around $1trln to now nearly $1.17trln.

Additionally, Malekan said that BlackRock’s ETF filing was not just a vote of confidence in Bitcoin but also Coinbase. Its application listed the publicly traded crypto exchange as the custodian for holding the trust’s underlying Bitcoin.

For them to continue and list Coinbase as a custodian for their exchange-traded fund was a strong indication that these SEC accusations are not that big of a deal, Malekan told Fortune.

He said: I think the market is telling us, the worst is behind us, as far as U.S. regulatory clampdown is concerned.