Bitcoin (BTC) has regained a certain amount of luster in recent days. In the past 24 hours, Bitcoin has risen from over $27,000 to now topping $30K.
Much of this crypto exuberance is due to the announcement that BlackRock had filed to launch a Bitcoin Exchange Traded Fund (ETF).
At the same time, EDX Markets commenced the trading of several digital assets, which are deemed NOT to be securities. EDX is backed by some pretty big names, including Citadel and Schwab.
Package all of this together, and there is a growing assurance that non-security tokens are in the clear – or perhaps soon to be in the clear.
Lolli CEO and co-founder Alex Adelman, shared his thoughts on the Bitcoin price increase:
“Bitcoin’s rally is part of a larger trend signaling a shift towards Bitcoin as a distinctly strong and established store of value.
Bitcoin’s recent climb to over 50% market dominance in the crypto markets reflects a growing demand for Bitcoin among institutional and retail investors as a highly secure, decentralized holding that has proven its value over time. The recent burst of Bitcoin ETF applications from leading institutions like BlackRock, Fidelity, and Invesco shows that new regulatory guidelines are the green light institutions have been waiting for to launch Bitcoin-based products and meet client demand.
Greater regulatory clarity in the crypto ecosystem will continue to catalyze a wave of mainstream Bitcoin adoption. We will also continue to see bitcoin’s market dominance rise as institutional and retail investors favor bitcoin as a way to secure their capital in a fundamentally secure, sound, and independent store of value.”
Larry Fink, CEO of Blackrock – an entity with around $6 trillion in AUM and the world’s largest asset manager, is also a lifelong Democrat and a big donor to the party. This certainly does not hurt his chances of having the BTC ETF approved, as the billionaire probably has a good pipeline to policymakers.
At some point this year, there could be new regulations for digital asset oversight as Congress appears to be inclined to approve new rules. It seems that this confluence of events is encouraging people to take bullish bets on Bitcoin. The strategy makes some sense as investors want to at the head of line.
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