Asset management giant BlackRock continued to accumulate Bitcoin, fueling a positive market trend today, 28 October 2024, according to CoinMarketCap. The price of Bitcoin surged by 1.43% to $67,971.47, significantly reversing the bearish sentiment amid the crypto market that saw a 1.41% contraction this week. Bitcoin’s leading competitor, Ethereum, appreciated 1.06% as of 06:49 WIB from the previous 24 hours, while taking a 8.56% beating over the last week. BNB and XRP appreciations also buoyed the market on a day-to-day basis, which nonetheless suffered some hits this week.
Notably, BlackRock Inc has invested heavily in BTC, and now holds 400,000 BTC, around $26.98 billion according to Coindesk. Its belief in the future of the leading cryptocurrency is so strong, it went ahead and bought another 34,085 BTC in the last fortnight, a move that will cost it around $2.3 billion. No doubt, the current market insecurity will not dampen BlackRock’s bullish sentiment towards Bitcoin.
In spite of past precedents, October is bullish, Bitcoin and various crypto assets did not perform. However, BlackRock’s big buys could cause Bitcoin to move higher this week as the outlook of the market indicates a very neutral sentiment, at least if the Fear & Greed Index score of 52 from coinmarketcap.com is to be taken seriously. The CoinDesk Market Index (CMI) slightly rose 1.64% to 2461.15, hinting that investor interest and market confidence in digital assets are growing.
Source: CNBCindonesia
