Home
News
There are speculations that the entry of leading traditional financial giants might revolutionize the cryptocurrency sector.
BlackRock, one of the most prominent asset managers, has entered the crypto sector, and at the time, its ETF was claimed to be the most traded. The approval of the BTC spot ETF has changed the growth pace of the market.
In an updated filing with the Securities and Exchange Commission of the United States, BlackRock has outlined its intent to invest in physically-backed Bitcoin Exchange-traded products (ETPs), including its own iShares Bitcoin Trust (IBIT) and those offered by different companies.
BlackRock Global Allocation Fund, Inc. institutional Share may acquire the ETF offered by BlackRock and other companies. Available information states that this Allocation Fund was established in 1989.
It is largely claimed that BlackRock has a motive to invest its funds directly in Bitcoin with the help of the US SEC.
The filing further states, “The fund may acquire shares in ETPs that seek to reflect generally the performance of the price of Bitcoin by directly holding bitcoin — ‘Bitcoin ETPs’ — including shares of a Bitcoin ETP sponsored by an affiliate of BlackRock.”
However, the Securities and Exchange Commission has most recently delayed its decision on Nasdaq’s proposal to offer options on BlackRock’s iShares Bitcoin Trust (IBIT), noting the necessity for “ sufficient time to consider” the Nasdaq’s proposal.
BlackRock Eyeing on Bitcoin Investment!
BlackRock and other traditional crypto-based companies are eyeing to purchase more and more Bitcoins. GrayScale also holds a massive chunk of Bitcoin and other altcoins.
Several companies have tried to inject more money into the crypto market to control a significant portion of the market. Although the increased money flow ultimately profits the market.
Market Price Update
The market capitalization has flourished over 50% in the past 30 days; as of writing, it was $2.58 Trillion. Market observers say the flourishing ETF market backs the favorable price.
Bitcoin is the market leader because of its credibility and price, which is much higher than other cryptos. In the past 30 days, the trading price of BTC has surged 57.13%, and on March 05, 2024, it broke its all-time high.
Ethereum, the second most talked about cryptocurrency, is boosting; its price grew 3.99% in the past 24 hours.
The meme coins constantly rule the gainer’s list of the crypto community; at the time of writing, Floki Inu was the leader as it surged 44% intraday. Dogwifhat (WIF) is the second ranker of the list as it added 27%.
DogWifHat is the only meme coin that has grown more than 400% in the past 256 days. The coin started to trade below $0.50. But the most recent WIF crossed the milestone of $2.00.
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
