How high did Bitcoin skyrocket overnight?

Bitcoin is a digital currency, commonly referred to as a cryptocurrency, created in 2009 by an unknown person or group of people using the pseudonym Satoshi Nakamoto. Bitcoin is used for a variety of purposes, including online purchases, investments, remittances, and as a store of value. Its underlying technology, blockchain, has also inspired the development of thousands of other cryptocurrencies, each with its own unique features and use cases.

FTX Trading Ltd., commonly referred to as FTX (short for "Futures Exchange"), is a bankrupt company that previously operated a fraud-ridden cryptocurrency exchange and crypto hedge fund specializing in spot markets, derivatives, options, volatility, and leveraged products. It was founded in 2018 by Sam Bankman Fried, a Massachusetts Institute of Technology (MIT) graduate and former Jane Street Capital International exchange-traded fund (ETF) trader. At its peak in July 2021, the company had more than 1 million users and was the third-largest cryptocurrency exchange by trading volume. As of November 2022, FTX is the third largest digital currency exchange with $10 billion in active trading volume and a valuation of $32 billion.

An exchange-traded fund (ETF) is a pooled investment security that holds multiple underlying assets, not just one, and can be bought and sold like individual stocks. ETF share prices fluctuate throughout the day as the ETF is bought and sold; this is different from mutual funds, which only trade once a day after the market closes. ETFs have lower expense ratios and fewer brokerage commissions than buying stocks individually.

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BlackRock Inc. is an American multinational investment company and the world's largest asset management company. As of December 31, 2023, it managed $10 trillion in assets. BlackRock is headquartered in New York City, with 78 offices in 38 countries and clients in 100 countries. BlackRock is the manager of the exchange-traded fund iShares Group and is considered one of the top three index fund managers along with Vanguard group and State Street.

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