• Bitcoin (BTC) has surged by over $1,000 in the past 24 hours following news that BlackRock, the world’s largest asset manager, has filed an application for a bitcoin exchange-traded fund (ETF).
• The surge was accompanied by positive price movements from other large-cap altcoins such as ADA, LTC, DOGE and SHIB.
• The favorable news followed the US Federal Reserve’s decision to pause interest rate hikes.
BlackRock Files Application for BTC ETF
BlackRock, the world’s largest asset manager, has filed an application for a bitcoin exchange-traded fund (ETF). This news sent ripples through the cryptocurrency market and caused a surge in BTC prices.
Altcoins Also See Positive Movement
The positive news from BlackRock wasn’t just confined to BTC; other large-cap altcoins like ADA, LTC, DOGE and SHIB also saw positive price movements. ICP has jumped 6% to $4 specifically.
US Fed Pause on Interest Rate Hikes
The uptrend in crypto prices follows the US Federal Reserve’s decision to pause interest rate hikes. Despite some expecting it to push prices northward initially, bitcoin instead slumped hard down to a three-month low of under $25k yesterday.
Fear & Greed Index Returns To Fearful State
The drop in BTC’s price pushed its Fear & Greed index back into fearful territory. However with today’s favorable news from Blackrock this fear appears to have been short lived as BTC shot up by over $1K following the filing of their ETF application.
Overall the cryptocurrency market has responded positively to BlackRock’s announcement of their intention to create an ETF focused on Bitcoin investing . With most major coins seeing increases in value today it appears that investor confidence is returning despite recent drops due to concerns about rising inflation levels and possible interest rate hikes by central banks around the world.