Etoro - Daily update12 Jul 2023 11:39
Despite turmoil in the stock market, BTC holds strong above $30K
Bitcoin is sitting above $30K as institutional players express confidence in the asset.
As eToro Global Markets Strategist Ben Laidler points out, this comes despite turmoil in the broader financial markets, with Bitcoin now “up over 80% since the start of the year, even as volatility has returned to broader assets on higher interest rate forecasts.”
Much of the recent gains have come since June 15, when BlackRock, the largest asset manager in the world, first filed to launch a spot Bitcoin ETF.
Since then, the number of coins held by institutions through trusts and funds has spiked, reaching its highest level in more than a year according to data from CryptoQuant.
This institutional confidence was summed up last Wednesday by BlackRock CEO Larry Fink, who endorsed Bitcoin as “an international asset” on Fox News, saying that it’s “not based on any one currency so it can represent an asset that people can play as an alternative.”