BlackRock ETF Application Caused BTC, ETH to Surge.
07 Aug 2023, 08:00
BlackRock ETF Application Caused BTC, ETH to Surge
Bitcoin and Ethereum – the world’s largest cryptocurrencies by market cap – rose to new levels in late June following several weeks of traveling through the doldrums, and the moves appear to stem from some new bitcoin-based exchange-traded fund (ETF) applications from two of the largest financial companies around: Wisdom Tree and BlackRock.
BlackRock Does Big Things for BTCBoth bitcoin and Ethereum weren’t doing so hot throughout the month of June prior to this news. The assets were slipping a bit more each week, largely due to headlines that both Binance and Coinbase were being sued by the Securities and Exchange Commission (SEC). It got to the point where bitcoin, briefly, fell into the $24K range, while Ethereum itself wasn’t doing much better. Then, suddenly, the tables really turned.