Bitcoin Price Briefly Hits 13-Month High as BlackRock CEO Fuels ETF Fervor

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Topline

Bitcoin prices hit a 13-month high early Thursday, surpassing June 2022 levels as a long-awaited bitcoin ETF could finally become a reality thanks to BlackRock embarking on its cryptocurrency journey.

early Thursday.Getty Images Highlights

Bitcoin price hit just over $31,460 around 5 a.m. ET on Thursday, hitting its highest level since June of last year before paring gains as the broader market plunged.

Adding fuel to the optimism, BlackRock CEO Larry Fink told Fox Business on Wednesday that he believes bitcoin could “revolutionize finance,” if tokenized assets and securities grow in adoption.

The possibility of a bitcoin exchange-traded fund has also boosted investors’ hopes, after BlackRock filed for registration of its own ETF owning the world’s largest cryptocurrency last month.

In another bullish sign, CryptoQuant reports that open interest has returned to levels last seen before crypto exchange FTX crashed in November.

Meanwhile, analysts at Ark Invest noted in a recent report that almost 70% of bitcoins in circulation have not moved for at least a year, confirming that investors may be growing more confident about the asset.

Key Context

Bitcoin’s recent winning streak comes as the US Dollar Index weakens and inflation shows signs of slowing. Additionally, requests for a long-awaited bitcoin ETF have been re-filed by WisdomTree, Invesco, VanEck, Fidelity, and Bitwise in recent weeks, which has also helped push the price of bitcoin higher.

Tangent

“Bitcoin is hovering around the $31,000 level as optimism grows that its Bitcoin ETF will be completed by BlackRock,” says Oanda analyst Edward Moya, saying the rally could only continue if the Securities and Exchange Commission finally grants clearance for a spot-bitcoin ETF.

Further reading

Bitcoin hits 12-month high as crypto bulls remain ‘buzzing’ (Forbes)

BlackRocks Spot Bitcoin ETF Plan Seems to Be a Case of Perception Distorting Reality (Forbes)

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