“Big News” – Crypto is now preparing for a massive $27 trillion earthquake after Bitcoin, Ethereum, BNB, XRP, Cardano, Dogecoin, Solana, and Litecoin prices skyrocketed
BitcoinBTC, Ethereum and other major cryptocurrencies have soared this year due to a variety of surprising different factors.
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Bitcoin price has doubled since its lows in late 2022, surging to over $30,000 per bitcoin and boosting the price of other top ten coins BNBBNB, XRPXRP, Cardano, Dogecoin and Solana. The surge has caused the overall market to grow by $300 billion this year.
Now, the world’s largest money manager, BlackRockBLK, which manages approximately $10 trillion on behalf of its clients, has unleashed a spate of US spot bitcoin ETF applications, totaling $27 trillion in assets under management.
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BlackRock’s application for a spot bitcoin exchange-traded fund (ETF) that will boost the price of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano and Dogecoin.AFP via Getty Images
“Many of the largest financial institutions in the US are actively working to provide access to Bitcoin and more,” CoinShares Chief Strategy Officer Meltem Demirors posted on Twitter alongside a list of financial institutions including Fidelity, JPMorgan, Morgan StanleyMS, Goldman Sachs, BNY Mellon, Invesco IVZ and Bank of America BAC.
Fidelity is the latest financial giant to join the race to launch a full-fledged spot bitcoin ETF and on Thursday refiled filings for the so-called Wise Origin Bitcoin Trust with the US Securities and Exchange Commission (SEC) for the first time in Proposed year 2021.
“Crypto markets had another positive week, with Bitcoin stabilizing near its $30,000 peak,” said Rachel Lin, founder of decentralized derivatives SynFutures, in emailed comments.
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remains well below its 2021 peak. Ethereum and other major coins like BNB, XRP, Cardano, Dogecoin, Litecoin and Solana are also up sharply in 2023.Forbes Digital Assets
“Bitcoin’s comparative performance versus the broader crypto market has improved and there has been no sign of a reversal. Meanwhile, altcoins posted modest gains last week, followed by a more pronounced decline this week. Bitcoin is trading near its mid-term highs, while most altcoins’ market caps are about 20% lower. Major altcoins like SolanaSOL, PolygonMATIC, Polkadot, and AlgorandALGO have yet to reach their May levels.”
Lin pointed to derivatives data showing increased trading activity, with open interest in bitcoin reaching $16 billion. Options open interest indicates 66% calls and 34% puts, with the greatest interest at the 35,000 and 32,000 call levels, acting as resistance if Bitcoin breaks through $30,000.
“Bitcoin dominance hit a new yearly high of 52%. Bitcoin seems to be stronger on the charts than altcoins, even EthereumETH, which previously held up well against Bitcoin, is weakening,” Lin said, adding, “Bitcoin’s outperformance is largely due to the bitcoin ETF news.”
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I’m a journalist with extensive experience in technology, finance, business and business around the world. As Founding Editor of Verdict.co.uk, I have covered how technology is changing the economy, political trends and the latest culture and lifestyle. I’ve covered the rise of Bitcoin and cryptocurrencies since 2012, charting its emergence as a niche technology into the greatest threat to mainstream finance the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times and the New Statesman, among others. Follow me on Twitter @billybambrough or email me at billyATbillybambrough.com. Disclosure: I occasionally own a small amount of bitcoin and other cryptocurrencies.
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