Bitcoin ETF

Bitcoin

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/blackrocks-bitcoin-etf-marks-a-significant-step-for-mainstream-crypto-adoption/" data-wpel-link="internal">BlackRock’s Bitcoin ETF Marks a Significant Step for Mainstream Crypto Adoption</a><br></p>
<p style="text-align: justify">BlackRock recently took a major step by launching the IBIT spot <a href="https://en.coin-turk.com/bollinger-bands-indicators/" data-wpel-link="internal">Bitcoin</a> exchange-traded fund (ETF). This launch is considered an important point in connecting cryptocurrencies with mainstream <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude">finance</a>. Rachel Aguirre, head of BlackRock’s iShares US division, conducted an interview with Yahoo Finance and directed attention to the success the ETF achieved in a short period. The IBIT transactions hosted a high trading volume of 3 billion dollars in its first week.</p> 
<h2 style="text-align: justify" id="investor-interest-was-very-high">Investor Interest Was Very High</h2> 
<p style="text-align: justify">Following the introduction of the IBIT ETF, there was an increase in trading volume and a visibly growing investor interest, reinforcing the idea of a successful start. During this period, more than 1.6 billion dollars were invested in the fund, which was seen as an indicator of how much investors actually wanted to invest in cryptocurrencies.</p> 
<p style="text-align: justify">In her statement, Aguirre emphasized the importance of easy access to Bitcoin for investors and pointed out that the IBIT ETF was one of the key points of this strategy.</p> 
<p style="text-align: justify">During this process, BlackRock acquired a significant amount of assets, 16,361 BTC, to support its ETF, once again highlighting its confidence in the future of cryptocurrencies.</p> 
<h2 style="text-align: justify" id="current-state-of-bitcoin">Current State of Bitcoin</h2> 
<p style="text-align: justify">While all this was happening, Bitcoin (BTC) prices continued to experience significant price movements. Since the launch of US-based Bitcoin ETFs, including BlackRock’s IBIT, there has been a continuous decline in BTC prices.</p> 
<p style="text-align: justify">BTC price, which fell below the $39,000 level, showed signs of an increase for the first time in a long while and briefly rose to $40,527.</p> 
<p style="text-align: justify">This performance indicates a positive structure with a potential rise formation seen in the Bitcoin chart below and suggests that if current trends continue, a rally up to $42,000 could occur.</p> 
<p style="text-align: justify">In the cryptocurrency market, the approval process for Bitcoin ETFs had been quite painful, and there were fluctuations in the price during this period. After the approval, there was a decline due to the ‘sell the news’ event that typically occurs in such periods.</p> 
<p style="text-align: justify">The recent drop of about 20% from the peak price of $49,021 seen on the day the ETFs started trading still appears mild compared to past corrections. This suggests that the Bitcoin market is becoming less affected by events.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-306956" src="https://coin-turk.com/wp-content/uploads/2024/01/bitcoin-49.jpg" alt="" width="698" height="265"></p> 
<p style="text-align: justify">Analysts examining the Elliot wave theory, as seen in the chart above, suggest that Bitcoin could find a stable support level between $36,000 and $38,000, which could be a turning point for future rises.</p> 
<p style="text-align: justify">Looking at historical data based on the Elliot wave theory, it is observed that price drops in Bitcoin are generally followed by upward movements, creating potential buying opportunities for investors.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/blackrocks-bitcoin-etf-marks-a-significant-step-for-mainstream-crypto-adoption/" data-wpel-link="internal">BlackRock’s Bitcoin ETF Marks a Significant Step for Mainstream Crypto Adoption</a></h5>

BlackRock’s Bitcoin ETF Marks a Significant Step for Mainstream Crypto Adoption

Table of Contents

COINTURK NEWS

Other articles published on Jan 24, 2024

Anthony Scaramucci Explains “Data Driven” BTC Price Prediction At $170,000

Peter Schiff Melihat Pasar yang Bearish pada Bitcoin, ETF Tidak Mampu Menopangnya?

Binance Coin (BNB) Price Analysis for January 24

103.2 Million Dogecoin Goes to Robinhood as DOGE Up 5% - Mysterious Whale Spotted

Top Performing Altcoins on Binance: DUSK, MANTA, and ARK Coin

Shiba Inu Team Confirms Automated Shib Burn On Puppynet

Join our free newsletter for daily crypto updates!