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Bitcoin and the broader cryptocurrency market are witnessing a significant upward push, fuelled by news of increasing institutional interest. This week, the market leader broke through the $30 700 mark before finding support just below $30 000. Ethereum (Ether) has also rebounded, surpassing $1 800.
Major cryptocurrencies are predominantly experiencing gains, with ADA (Cardano) and SOL (Solana) leading the way, boasting increases of over 13% over the past seven days. However, Bitcoin has emerged as the top performer, with its market dominance surpassing 50% earlier this week, marking the first time in two years.
Investors have dubbed the ongoing Bitcoin rally as the “BlackRock pivot,” attributing it to the announcement made by the world’s largest asset manager regarding its plans to launch a Bitcoin ETF. Since this revelation, the price of Bitcoin has soared by over 19%.
Following BlackRock’s lead, other institutional investors have joined the fray. Invesco has reapplied for approval to offer a spot Bitcoin ETF, while WisdomTree has refilled for a spot Bitcoin asset.
Christo de Wit, Luno’s South African country manager, provided insights into the recent surge, stating, “Since last week, when almost all cryptocurrencies retracted due to the actions of the SEC in the USA, we are witnessing renewed investor confidence this week. This is primarily driven by BlackRock, the world’s largest asset manager, filing for a spot Bitcoin ETF in the US.”
De Wit further emphasised the confidence displayed by these large asset managers in the face of regulatory concerns, suggesting that their actions signify a strong and growing demand for Bitcoin in investment portfolios. He also noted the positive shift in how traditional investment institutions view cryptocurrencies, as reflected by the green trading patterns of most large-cap coins.
Luno, a leading global cryptocurrency investment app, has experienced a surge in trading volumes in South Africa since the beginning of this week.
Founded in 2013, Luno has played a significant role in responsible crypto education and investment, introducing more than 10 million individuals to cryptocurrencies. Available in over 40 countries across Europe, Africa, Asia, and Australia, it is part of the Digital Currency Group, the largest blockchain investor worldwide.