BlackRock Boosts Bitcoin ETF with US Bank Inclusion; BTC Price Rebounds at $66K
2 min read
BlackRock Boosts Bitcoin ETF with US Bank Inclusion; BTC Price Rebounds at $66K
Bitcoin (BTC) has shown resilience to United States inflation signals, as the cryptocurrency continues to attract institutional investment. The price of BTC reached $68,630 after the opening of the Wall Street market, with major US banks participating in BlackRock’s spot Bitcoin exchange-traded fund (ETF). The inclusion of big-name firms in the ETF suggests growing interest and the acceptance of publicly associating with Bitcoin. This development is likely due to the success and popularity of ETFs. Currently, the nine newcomer products hold over 500,000 BTC, excluding assets in the Grayscale Bitcoin Trust (GBTC), which recently converted to an ETF.
The announcement from BlackRock helped protect the price of Bitcoin from the impact of above-expected employment data in the US, which indicated that the Federal Reserve would maintain higher interest rates for longer. The latest data from CME Group’s FedWatch Tool suggests that the odds of a rate cut in 2024 have been pushed back, with a decrease in the chances of a rate cut in June. The price of Bitcoin remains uncertain, as there is significant selling pressure beyond the $69,000 level. If BTC breaks through this level, there is potential for a significant price shift.
Traders and analysts are closely monitoring the market setup and liquidity around the $69,000 level. The sentiment is that if BTC is able to surpass this level, it may signal a potential continuation of an upward trend. On hourly timeframes, BTC/USD has already formed a higher low, indicating the possibility of further price appreciation.
Bitcoin’s ability to disregard US inflation signals and attract institutional interest showcases its growing prominence in the financial landscape. With major companies like BlackRock and Goldman Sachs participating in Bitcoin-related products, it further solidifies the cryptocurrency’s legitimacy as an investment asset. Traders are eagerly watching the price action around the $69,000 level to gauge the potential direction of Bitcoin in the near future.
The uncertainty around the $69,000 level adds to the excitement of Bitcoin’s price action. Will it break through and continue the upward trend? Traders and analysts are keeping a close eye on the market setup. Let’s see where Bitcoin takes us!
It’s exciting to witness Bitcoin’s growing prominence in the financial landscape. With the participation of major companies, its legitimacy as an investment asset is further solidified. Keep riding the Bitcoin wave!
The market sentiment is optimistic as BTC/USD forms a higher low on hourly timeframes. This suggests the possibility of further price appreciation. Let’s continue watching closely for potential upsides!