skip to Main Content
bitcoin
Bitcoin (BTC) $ 98,844.48 0.29%
ethereum
Ethereum (ETH) $ 3,339.42 0.56%
tether
Tether (USDT) $ 1.00 0.15%
solana
Solana (SOL) $ 256.81 2.00%
bnb
BNB (BNB) $ 641.74 1.05%
xrp
XRP (XRP) $ 1.56 13.99%
dogecoin
Dogecoin (DOGE) $ 0.42913 9.57%
cardano
Cardano (ADA) $ 1.09 25.26%
usd-coin
USDC (USDC) $ 1.00 0.22%
staked-ether
Lido Staked Ether (STETH) $ 3,337.70 0.55%

Bitcoin Skyrockets Above $70,000 As BlackRock Deems Asset A “Good Portfolio Diversifier”

Bitcoin surged by more than 4.5% to above $70,000 on Monday, regaining lost ground after reaching an all-time high of $74,000 earlier this month.

  • Until Thursday of last week, Bitcoin traded below $65,000 following a multi-day period of unusually small inflows to Bitcoin ETF products, coupled with monstrous outflows from the Grayscale Bitcoin Trust (GBTC).
  • The asset’s price began to surge again on Friday following the Bitcoin Investor Day conference, when Robert Mitchnick – BlackRock’s digital assets lead – labeled Bitcoin as a good portfolio diversifier.
  • At the time, Mitchnick explained that the asset’s price movements have historically correlated with real interest rates and inflation expectations.
  • “It’s the reason Bitcoin’s generally not appropriate in large concentration in a portfolio,” he said at the time.
  • Mitchnick also said that Bitcoin is unique for its overwhelming demand among BlackRock’s clients, compared to other digital assets.
  • “Eventually we expect there will be a convergence where the best of the old system and the new technology will become fused into a new infrastructure system in finance,” he added.
  • As of Friday, BlackRock’s Bitcoin ETF, IBIT, held over 240,000 BTC, more than any other Bitcoin ETF besides GBTC.
  • Bitcoin’s Monday surge coincided with over $200 million of crypto liquidations on the day – mostly impacting short traders.

The post Bitcoin Skyrockets Above $70,000 As BlackRock Deems Asset A “Good Portfolio Diversifier” appeared first on CryptoPotato.

Loading data ...
Comparison
View chart compare
View table compare
Back To Top