Bitcoin Reclaims $27K Mark
By Laxmikant Khanvilkar
Virtual digital assets (VDAs) space is buzzing with more funds chasing this hard-to-categorize asset class. It seems the race is on among fund managers to claim the slice of the “crypto pie” and they are entering the space.
The crypto Twitter is buzzing with a rumor that Fidelity is joining its rival – the BlackRock wealth manager – to file for a spot Bitcoin ETF soon.
The tweet from two industry biggies sent Bitcoin (BTC) soaring above $2700 mark. Ethereum (ETH) and others too joined the party.
BTC, the largest cryptocurrency by market capitalisation, was last quoting 2.56% higher at $27,036. ETH recently changed hands at $17,043, up 1.20%.
Experts say that BlackRock with $11 trillion in assets under management and Fidelity’s $4.5 trillion, adding up to $15.5 trillion, a percentage of that may chase BTC or other cryptocurrencies.
The optimism sent global crypto market cap rising 1.27% to $1.08 tn, over the last 24-hours. Improved optimism led to 26.07% rise in the total crypto market volume to $25.97 bn, during the same period. The total volume in DeFi is currently $1.62 bn, while that of all stablecoins $24.64 bn, which is 6.25% and 94.90% respectively, of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 48.43%, an increase of 0.33% over the day.
IC15 index, the barometer of top fifteen tokens, gained 1.19% to 37,297 points.
Interestingly, the experts find recent moves by the U.S. Securities Exchanges Commission (SEC) as the main reason for shift in investor sentiment towards VDAs. They have suggested that the SEC is clearing the way for Wall Street investors by removing major players, such as Coinbase and Binance crypto platforms – two largest crypto exchanges by trading volume – by initiating regulatory actions against them recently.
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