BlackRock IBIT Bitcoin ETF, according to Farside Investors data, bought $41.6 Million worth of Bitcoin on April. 21. BlackRock’s acquisition was dwarfed in value by Ark 21Shares ETF BTC, which purchased assets worth $116.1 millions. Fidelity and Bitwise both purchased BTC for $87.6 Million.
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Bitcoin Surges Due to BlackRock’s and Ark’s Purchases
BTC’s price has been on a steady rise over the past few days. Asset is in green across all timeframes. BTC has seen a 0.9% increase in price on daily charts and a 3.1% rise in weekly charts. Its price also increased 11.3% over the last 14 days, by 4.9% for monthly charts and by 33.8% from April 2024.
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BTC could have experienced a recent rally due to other positive developments. Paul Atkins became the SEC Chair. Atkins expressed his support of the crypto industry. He is expected to be more accommodating towards the burgeoning industry. The crypto community viewed Gary Gensler, the outgoing SEC chief, as a villain.
What is the next step in the asset recovery process?
Bitcoin (BTC), which reached a record high of $108 786 in January 20,25. Since January, the asset has dropped by 18.7%.
CoinCodex believes that Bitcoin will continue to rise in the next few weeks. According to the platform, Bitcoin (BTC) will hit an all-time record of $128.284 on 1 May. BTC will rise by 45.12% in price if the target of $128.284 is reached.
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BTC may also maintain its current sideways trend in the coming weeks. The stock market experienced a significant correction. The macroeconomic uncertainty may pose significant challenges. It is also being reported that President Trump wants to replace Jerome Powell, the Fed’s chief.
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Source: watcher.guru
