What the numbers say: Bitcoin (BTC), the largest cryptocurrency by market cap, hit a 13-month high within the day. BTC's price reached $31,500 for the first time since June last year. However, the popular token is still almost 55% below its all-time high in November 2021. Relevance: The surge in the price followed the world's largest asset manager BlackRock's CEO Larry Fink's recent comments on Bitcoin. Speaking in a recent interview, Fink said Bitcoin could revolutionize the financial system, defining the popular cryptocurrency as an international asset. The CEO added that BlackRock plans to make it easier and less costly to invest in Bitcoin. The firm also hit the headlines with its application for a spot Bitcoin (BTC) exchange-traded fund (ETF) in June. The asset management giant's move has created optimism around the crypto market, encouraging other traditional finance (TradFi) giants to influx into the industry. Brands that should care: Over the past month, several other multi-billion dollar asset managers, including WisdomTree, Invesco, Fidelity, and Valkyrie, joined BlackRock by filing their own applications for a spot Bitcoin ETF. The influx also triggered a strong rise in the crypto market cap in June. |
