Bitcoin has risen more than 12% since the beginning of June and reached its highest level since April 14, with its price topping $30,000, according to Coin Metrics data. While the rise has been attributed to the news of BlackRock filing for a spot Bitcoin exchange-traded fund, it has also been driven by the low liquidity of the crypto market. Daily trading volume in the cryptocurrency currently sits at around $24 billion, which is down from the $100 billion of overall trading volume in bitcoin during the peak of the 2021 crypto rally.

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