The data collected from FarsideBlackRock’s IBIT Bitcoin ETF purchased BTC in excess of $1.3 billion between July 10 and 11. BTC has recently rallied to reach a new record high. Over the last few days, BTC has reached multiple new all-time records.
Bitcoin Breaches $120,000 for the First Time, Amid BlackRock’s Large Purchases
Bitcoin (BTC), the cryptocurrency, hit an all-time record of $122,838 today. BTC’s recent surge is probably due to consistent flows into ETFs. BlackRock and global financial institutions are investing heavily in the budding sector.
BTC reaching a new high has led to an overall market rally. BTC is reaching new highs every few hours. Other assets have yet to reach new records. Ethereum (ETH), which has now surpassed the mark of $3000, is still more than 37% below its previous high, $4,878.26. BTC appears to be the sole asset currently testing new heights.
Can the Rally continue?
Over the past few months, there have been a number of bullish trends in the crypto market. Over the past couple of years, crypto has seen a significant increase in popularity due to the US administration’s pro-crypto stance. SEC is also led by a pro crypto candidate. Financial watchdog Gary Gensler is likely to be replaced by a candidate who will take a more liberal stance towards the crypto-industry.
It is possible that there will be a crypto correction in the next few months. In the past, Bitcoin (BTC), after its previous halves has been halved for a little over a year, experienced a price correction. Later this year, we could see a drop in the price.
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Retail players have yet to wake up, which is another reason why we may face a market correction. Investors may have stayed away from high-risk assets because the Federal Reserve decided to maintain interest rates at their current level. The current rally in the market may be further boosted by a rate reduction.
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Source: watcher.guru
