of BlackRock bitcoin The cryptocurrency market briefly rallied after reports that it had filed with the SEC to launch an ETF.
Cryptocurrency BTC fell below $25,000 on Wednesday to a three-month low as investors remain apprehensive about the market. Major altcoins also recorded significant losses as Tether (USDT) lost its $1 stable.
Asset management giant BlackRockhas officially started the process of launching a fund that is traded on the spot Bitcoin exchange. If approved, the fund will pave the way for investors to gain easy access to the cryptocurrency. Recommended by the company iShares Bitcoin Trustaims to provide a convenient tool for investors.
“The shares are intended to constitute a simple way of investing, similar to a BTC investment, rather than acquiring, holding and trading BTC directly on a peer-to-peer or other basis or through a digital asset exchange,” the application commented.
The US stock market was trending higher as investors thought the Federal Reserve was nearing the end of its rate hike journey after the central bank decided not to raise rates this week. The total capitalization of the cryptocurrency market stood at $1.03 trillion, an increase of 0.81% compared to the last day.
While veteran trader Peter Brandt is alarming that Bitcoin may be on the verge of a significant downward move, Michael van de Poppe has begun a “depression” phase. stated. Both analysts believe the trend is bearish, albeit short-lived.
You can follow the current price action here.