In its latest Bitcoin-related announcement, Blackrock reported that it is closely involved in several projects. Blackrock, the world’s largest asset manager, announced that it follows blockchain projects focused on energy efficiency. He mentioned Energy Web, the company behind the EWT token, which has seen a huge surge in the past few days. Surprisingly, the token was not widely known until Blackrock’s announcement.
The Reason Behind the Price Increase
Blackrock said it is monitoring projects that use renewable energy-related Bitcoin mining operations. Despite the downturn in the market, the company added that it has received “strong interest in cryptocurrencies” from some of its institutional clients.
On the other hand, BlackRock expressed the following about Energy Web:
“BlackRock encourages organizations like RMI and Energy Web to develop programs to bring more transparency to sustainable energy use in Bitcoin mining and plans to monitor progress around these initiatives.”
More importantly, the mention of the EWT token in the announcement generated a lot of interest around the altcoin.
The altcoin, which went from $2.67 to over $4 on Thursday, reached as high as $4.44 at one point. EWT is trading at $4.01, up 2.13% in the last 24 hours, according to CoinMarketCap.
No whale holding EWT
In an interesting view, no major whale has accumulated Energy Web tokens even after the Blackrock announcement. According to Santiment’s findings, EWT’s largest owner has a savings of just over $200,000. Its largest owner is the Gate.io exchange.
“The Energy Web Token rose 50% to $4.17 after it was mentioned in a BlackRock press release. There are no millionaire EWT owners.”
The popular altcoin is used to pay gas fees and facilitate various services on the Energy Web chain. The Energy Web company is working on several solutions to certify leading bitcoin miners.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.