简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:BlackRock's Bitcoin ETF filing sparks bullish sentiment, resulting in $16M loss for Bitcoin shorts. Rebounding Bitcoin erases recent losses, while other tokens see minor gains. BlackRock's involvement adds new dimension to spot Bitcoin ETF proposals. Traders eagerly await SEC decision.
Investment giant BlackRock's recent filing for a potential Bitcoin exchange-traded fund (ETF) in the United States has ignited hopes among traders, leading to a shift in market dynamics and a bullish sentiment. The news, which initially surfaced on Thursday, revealed BlackRock's plan to collaborate with leading cryptocurrency exchange Coinbase as the custodian for the proposed ETF. Subsequently, BlackRock's iShares fund management unit filed the necessary paperwork to establish a spot Bitcoin ETF.
Sui Chung, CEO of CF Benchmarks, expressed enthusiasm, noting that approximately 20% of Americans have already owned Bitcoin at some point. He highlighted that BlackRock's ETF if approved, could introduce the remaining 80% of the population to a more familiar and accessible investment option. Chung's comments underscore the growing interest in Bitcoin within the financial sector, with major institutions like BlackRock continuing to engage with the asset.
In response to the news, Bitcoin quickly rebounded on Friday, reclaiming the $25,500 level and erasing losses incurred over the past two days, during which it dipped as low as $24,860. This recovery provided a much-needed respite for other prominent tokens such as Polygon Network's MATIC and Cardano's ADA, which experienced minor gains, mitigating some of the losses from the previous two-day decline.
Among the major tokens, Dogecoin (DOGE) led the way, recording a 4% increase in the past 24 hours, closely followed by litecoin (LTC) with a 3.3% gain.
The strengthening market position of Bitcoin had a significant impact on short traders who had bet against the asset. BTC-tracked futures witnessed over $16 million in short liquidations within the past 24 hours. It is worth noting that this figure was relatively lower than usual, attributed to substantial declines witnessed in the previous week. Consequently, some traders opted to risk less capital than they typically would in such circumstances.
While the U.S. Securities and Exchange Commission (SEC) has previously rejected attempts by other fund managers to launch spot bitcoin ETFs, including proposals from Grayscale, VanEck, and WisdomTree, the involvement of BlackRock adds a new dimension. Given BlackRock's stature in the financial industry, it might prove challenging for the SEC to dismiss their application. If approved, the ETF could potentially trigger a significant Bitcoin rally, surpassing expectations.
As the cryptocurrency market continues to evolve, the possibility of a Bitcoin ETF backed by a renowned institution like BlackRock highlights the growing mainstream acceptance of digital assets. Investors and traders eagerly await the SEC's decision, recognizing the potential impact it could have on both Bitcoin's price trajectory and the broader cryptocurrency ecosystem.
Stay informed with the latest news by downloading and installing the WikiFX App on your smartphone. Get the App by clicking here: https://www.wikifx.com/en/download.html
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
Robinhood introduces margin investing to UK customers, offering some of the most competitive rates. Unlock greater portfolio flexibility and growth opportunities with these top rates.
Market sentiment refers to the overall attitude of investors toward a particular security or financial market. It plays a crucial role in shaping market trends and influencing trading decisions. Understanding market sentiment can help traders anticipate price movements and make more informed choices.
Recently, a forex broker named MidasFX has come to our attention. This broker is registered in Saint Vincent and the Grenadines and started its business in 2020. In this article, we will dig into this broker deeply and provide some information about it if you are interested.
Malaysian authorities have arrested six individuals in connection with the "Kakaue" cryptocurrency investment scam, which defrauded victims of an estimated RM18 million. The suspects, aged between 19 and 41, were apprehended during a series of nationwide raids conducted by the Bukit Aman Commercial Crime Bureau between 7-11th October 2024.