BlackRock's Potential Involvement Sends Bitcoin Soaring.

Bitcoin has surged over 20% since BlackRock filed for a US spot Bitcoin ETF, leading to a rush of similar applications from rival issuers and speculation that the asset manager has key insights that will lead to approval of its application. BlackRock's filing is being taken as a sign that the SEC might finally give the green light to a physically-backed Bitcoin ETF, a structure the regulator has repeatedly rejected. The rush of applications comes in the wake of BlackRock's bid to launch the iShares Bitcoin Trust, which landed with US regulators last week.