In a major development, BlackRock, one of the biggest fund managers in the world, has filed paperwork for a Bitcoin ETF. The news has already had a tangible impact as the cryptocurrency surged to its highest level in a week, crossing the $26,000 mark within 24 hours.
At the time of writing, BTC was trading at $26,335, up by almost 3.3% in the last 24 hours. This marks a significant turnaround from Thursday when the digital currency was hovering around its three-month low of $25,000, but now it seems to be on the rebound, thanks to the BlackRock announcement.
BTC/USD Chart
Ether, the second-largest cryptocurrency by market value, made a comeback with a 4.5% increase to $1,721 compared to last Thursday. Earlier this week, ETH fell below the $1,700 benchmark for the first time since mid-March. However, other major cryptocurrencies that faced a dip following SEC lawsuits against exchanges Binance and Coinbase managed to recover some of their losses.
SOL, the token of the Solana blockchain rose by over 4%, while the native cryptocurrencies of smart contract platforms Cardano, Polygon, and Algorand (ADA, MATIC, and ALGO, respectively) saw increases of 0.3%, 0.2%, and 3.6%.
Binance, a major exchange, faced another hurdle on June 16 when France launched investigative proceedings soon after Binance announced it was leaving the Netherlands due to regulatory issues. Despite the news, the markets remained unaffected. CZ, Binance CEO, referred to the France incident as “FUD,” or fear, uncertainty, and doubt. CZ stated that on-site inspections of regulated businesses are common for banks in France and now for crypto as well.
4. FUD.
— CZ 🔶 Binance (@cz_binance) June 16, 2023
In France, surprise (no advanced notice) on-site inspections of regulated businesses are the norm, for banks, and now for crypto too.
The surprise visit for Binance France happened a couple of weeks ago. It's not "news". Binance France cooperated fully.
Binance also… https://t.co/xdbLc5jXBW
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- Lucy Walker covers finance, health and beauty since 2014. She has been writing for various online publications.
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