Cryptocurrency king has just reached the level of $42,420 a few hours ago and has been experiencing the same resistance since $31,000. Strong resistances are being broken suddenly, while Bitcoin price is consolidating. Then, unexpectedly, another strong sell wall is collapsing. Investors seem convinced of a change in trend as recovery in altcoins begins.
Why Are Cryptocurrencies Increasing?
Which global company that buys cryptocurrencies or launches a product related to them makes the most noise? Most of these big companies also obtain asset management services through BlackRock. The world’s largest asset management company, BlackRock, is trying to launch a spot Bitcoin ETF, even if investors are not fully aware of it yet.
We had mentioned that nothing would be the same after the big news in June. And indeed, the price of Bitcoin is now above $41,400 today, and trillion-dollar asset managers are lining up to launch ETFs.
Financial institutions worth billions of dollars are issuing tokenized bonds on networks like Ethereum. The main reason for the rise of cryptocurrencies is that the voice of institutional entry is now heard clearly.
BlackRock Spot Bitcoin ETF
The world’s largest asset manager, BlackRock, as reported in its latest SEC filing, received its first seed investment in October. The institution that took action to launch the Spot Bitcoin ETF sold 100,000 shares at $25.00 per share in exchange for 4,000 shares on October 27, 2023.
This move suggests that ETF approval is now just a matter of time. The long-awaited news could come soon.
Bloomberg ETF analysts expect official approval announcements to come collectively by January 10th.
Read More: https://en.coin-turk.com/why-are-cryptocurrencies-rising/
