Bitcoin Crosses $30K Amid Optimism Over BlackRock's ETF
Bitcoin prices have touched a month high amid news of a new Bitcoin ETF launched by BlackRock. The news carries more weight because of the fact that Blackrock is one of the largest investment companies in the world.
The launch of the cryptocurrency-based ETF has increased the chances of Bitcoin & other assets being adopted by the institutions. This could even lead to mass adoption later down the road.
Bitcoin Gained 14.4% In The Last 3 Days
During the last three days, Bitcoin gained 14.4% and even managed to touch multi-month highs during the process. During Thursday's session, the Bitcoin prices were last seen stabilizing near the $30300 level.
Similarly, Ethereum (ETH) also jumped 6% during the trading session and also touched a 2-month high, just like Bitcoin.
The recent rally in Bitcoin and other cryptocurrencies comes after Blackrock applied for a Bitcoin-based ETF. Similarly, other major institutional investors such as Citadel, Valkyrie, and WisdomTree have also applied for crypto-based ETFs.
As per the media reports, the Blackrock ETFs custodian will be Coinbase which is also a prominent crypto platform. If we look back, a jump in institutional buying also leads to the famous crypto rally of 2021. It was also the year when Bitcoin made new highs and grabbed media headlines.
However, a series of problems caused Bitcoin prices to crash, such as bankruptcies, high-interest rates, and even regulatory crackdowns.
After the recent ETF filing, there is now renewed hope that institutions will become more interested in the crypto industry, which will ultimately lift up the market cap as well.
For now, it appears that there's more good news regarding the crypto market as compared to the bad news. But considering the ongoing legal battles faced by Binance, Ripple, & other crypto firms, we can't downplay the negatives as well!
However, the short-term sentiment for Bitcoin, Ethereum, & other crypto assets is bullish after the news of BlackRock ETF!