US Investors Fuel Bitcoin's Meteoric Rise Amid Institutional Buying Frenzy
Portfolio Pulse from Murtuza Merchant
US investors are increasingly investing in Bitcoin (CRYPTO: BTC) as major financial institutions like BlackRock Inc (NYSE:BLK), Fidelity, and Citadel increase their engagement, contributing to Bitcoin's 85% surge this year. Bitcoin's gains are particularly notable during US market hours, with a 30% increase in cumulative gains since dropping to around $16,000. BlackRock's application for a Bitcoin spot exchange-traded fund was rejected by the SEC, but the company can resubmit. Bitcoin has shown signs of disassociating from the US stock markets, including the S&P 500 and Nasdaq.
June 30, 2023 | 5:30 pm
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POSITIVE IMPACT
BlackRock's increased engagement with Bitcoin and its application for a Bitcoin spot exchange-traded fund, despite being rejected, has boosted investor confidence and could potentially impact its stock positively.
BlackRock's increased engagement with Bitcoin and its attempt to launch a Bitcoin ETF, despite being rejected, shows its commitment to the cryptocurrency market. This could attract more investors to the company, potentially driving its stock price up.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Bitcoin has seen an 85% surge this year, largely due to increased investment from US investors and financial institutions. It has also shown signs of disassociating from the US stock markets.
The increased investment from US investors and financial institutions has significantly contributed to Bitcoin's surge this year. Its disassociation from the US stock markets could mean that its price movements are becoming more independent, potentially leading to more price stability.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100