• BlackRock, the world’s largest asset manager, filed a Bitcoin ETF.
• This sent Bitcoin prices up by over $1K.
• Altcoins including ADA, LTC, DOGE, and SHIB also recovered 2-4%.
BlackRock’s Bitcoin ETF Filing
BlackRock, the world’s largest asset manager has made a filing for its own Bitcoin ETF. This news sent BTC prices soaring by over $1K and also pushed altcoins such as ADA, LTC, DOGE and SHIB up by 2-4%.
Bitcoin Slumps Hard
The primary cryptocurrency had dropped hard on Friday from almost $27K to just under $26K. The situation didn’t change much even after the US CPI numbers were released on Wednesday as BTC pumped and dumped by only a few hundred dollars in an hour. However, when the US Fed decided to pause interest rate hikes this caused bitcoin to nosedive again from $26K to a three-month low of under $25K yesterday.
Fear & Greed Index Back into Fearful State
The selloff saw the Fear & Greed Index which measures market sentiment push back into a fearful state. This is why BlackRock’s news was so significant as it drove investor confidence back up again causing BTC to shoot up by over $1K today.
Altcoins Also Recovering
Most altcoins have also turned green today due to BlackRock’s announcement with ADA, LTC, DOGE and SHIB recovering somewhere between 2-4%. This is good news for all investors in cryptocurrencies who had been worried about the recent bearish trend that had been occurring before BlackRock’s announcement came through.
BTC Eyes 26k Again?
With these positive developments taking place in the crypto markets it looks like BTC could be eyeing another attempt at reclaiming its previous high of around $26k once more soon. Only time will tell if this will be successful or not but for now things seem to be looking very promising indeed!