Bitcoin Surges Towards $35,000 as BlackRock Lists ETF
After a brief surge past $35,000, bitcoin (BTC) is making its way back towards that milestone, showing a 12% increase as Asia opens for trading. This comes after BlackRock listed its bitcoin ETF on the Depository Trust & Clearing Corporation database with the ticker $IBTC, a move that has been attributed to the rally by Bernstein.
The jump in price also pushed bitcoin past a critical resistance point of $31,000. Experts are optimistic about the future of the cryptocurrency, with Jack Tan from Woo Network suggesting that bitcoin could reach $75,000 in the coming months. Tan believes that the recent spike is just a preview of what would happen if ETFs were to be approved. He notes that much of the expected impact on BTC price has already been factored in since February when it hit the $25,000 level.
While bitcoin continues to dominate the market, Tan suggests that altcoins are trading more in line with tech stocks due to their lack of a flight to safety mechanism. He expects them to underperform bitcoin and ether, although he believes that ether will eventually catch up.
David Lo, Bybit’s head of financial products, notes that bitcoin’s dominance is at its highest level since early 2021. He attributes this to bitcoin grabbing market share from ETH and stablecoins. However, Lo warns that selling pressure on the Grayscale Bitcoin Trust (GBTC) may arise as the discount narrows. Investors who bought at a 40% discount may be looking to sell at current prices.
Quinn Thompson, Maple Finance’s Head of Capital Markets and Growth, sees bitcoin as the modern equivalent of gold, acting as a refuge for investors during times of economic uncertainty. Thompson compares this to BlackRock CEO Larry Fink’s description of the recent crypto rally as a “flight to quality” amid global challenges. Thompson believes that Fink’s comments align with those of billionaire investor Paul Tudor Jones, who has also expressed support for bitcoin. Thompson adds that Fink would not voice such opinions publicly if he thought the SEC would deny his ETF application.
As bitcoin continues its bullish run, investors eagerly wait to see if it can maintain its upward momentum and potentially reach new all-time highs in the future.