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Bitcoin ETF Plan from BlackRock Drives Crypto Market Rally

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  • The global crypto market cap climbs about 3.75% to $1.07 trillion.
  • Bitcoin (BTC) price surged to the $26.5K range.

In a significant development for the cryptocurrency market, major digital currencies closed the week with notable gains, driven by the news of “BlackRock’s plans to launch a Bitcoin exchange-traded fund (ETF).” The announcement by BlackRock, one of the world’s largest asset management firms, has captured the attention of investors and ignited a fresh wave of optimism.

The BlackRock Bitcoin ETF plan has generated excitement in the cryptocurrency community as well. The potential entrance of such a reputable player into the crypto market is seen as a validation of the digital asset class and a potential catalyst for wider adoption.

Crypto Market Hits New Weekly High

As the news broke, the leading cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), experienced an uptrend. That drives the global crypto market cap to jump by over 3.75% to $1.07 trillion. 

Bitcoin reaches a new high for the week. At the time of writing, BTC traded at $26,593, with a surge of 4.09% in a day and 3.5% in a week. ETH climbed about 4.5% in the last 24 hours.

Top altcoins, such as Binance Coin (BNB) and XRP, gained 4.50% and 1.80%, respectively. In addition, Solana (SOL), Cardano (ADA), and Quant (QNT) also experienced significant surges, which were 3.83%, 7.30, and 13.5% increases, accordingly 

Further, leading memecoins Dogecoin (DOGE) and Shiba Inu (SHIB) also soared and displays the meme coin frenzy has not yet ended

Moreover, investors are closely monitoring the developments surrounding BlackRock’s Bitcoin ETF plans, as they could open the door for institutional investors who have been waiting for a regulated investment vehicle to enter the crypto space. An ETF provides a more accessible and familiar investment avenue, potentially attracting a broader range of investors seeking exposure to cryptocurrencies.

Source: https://thenewscrypto.com/bitcoin-etf-plan-from-blackrock-drives-crypto-market-rally/

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