Bitcoin Surges Towards $68,000 After BlackRock CEO’s Endorsement
Bitcoin Hits $67,800, Closes in on All-Time High
Bitcoin recently reached a peak of $67,800, inching closer to $68,000 and sitting just 8% below its previous record set in March. This surge followed a statement from BlackRock CEO Larry Fink endorsing Bitcoin as a legitimate asset class.
BlackRock CEO Affirms Bitcoin’s Legitimacy
Larry Fink reiterated his support for Bitcoin during BlackRock’s recent earnings call, stating that Bitcoin is not just an investment option but also a competitor to traditional assets like gold.
“We believe Bitcoin is an asset class in itself,” said the BlackRock CEO, mentioning ongoing discussions with institutions worldwide regarding potential Bitcoin allocations.
Bitcoin Market Cap Hits $1.3 Trillion
With a market cap reaching $1.3 trillion, Bitcoin continues to gain prominence and acceptance in financial circles, as per CoinGecko. Currently trading around $67,400, Bitcoin has seen a 3% increase in the last 24 hours.
Upward Trend Driven by US Spot Bitcoin ETFs
Yesterday, US spot Bitcoin ETFs experienced a strong performance, collectively attracting around $550 million in net inflows. This surge in ETF activity contributed to Bitcoin’s recent 5% gain.
Market Sentiment and Presidential Election Impact
Market sentiment remains optimistic, particularly with expectations of further growth if Donald Trump emerges victorious in the upcoming election. This positive outlook coincides with the launch of the WLFI token presale by World Liberty Finance, a project linked to the former President.
Analysts believe Trump’s involvement in the crypto sector could have a significant impact, especially when contrasted with the more conservative stance on digital assets by other political figures.
Extended Rally and Trump-Backed DeFi Project
The prolonged rally aligns with the launch of the WLFI token presale by World Liberty Finance, a DeFi project endorsed by Trump. Despite initial website challenges, the project raised $5 million within the first hour of the presale.
Overall, Bitcoin’s current momentum reflects a blend of market dynamics, institutional interest, and political influences, setting the stage for potential further growth in the near future.
The information in the article is for informational purposes only. It does not constitute any investment advice. The author and CryptoBlockNews.com are not responsible for your profits or losses arising from your investments. Investment is ultimately based on many foundations such as knowledge, accumulation, experience, research and personal decisions.
