Bitcoin and the rest of crypto continue to push upwards as news of institutional interest continues. The market leader breached $30.7K on Wednesday before finding support around R569,000 (just below $30K), where it continues to trade this morning on Luno. Ether (Ethereum) is back above R35,600 ($1.8K).
It’s mostly green among the large-caps, some like ADA (Cardano) and SOL (Solana) showing gains of more than 13% over seven days. But Bitcoin leads the pack over this period, with its market dominance pushing past 50 percent market dominance earlier in the week, the first time in two years.
Investors are calling the current Bitcoin rally the “BlackRock pivot”. The announcement by the world’s largest asset manager of its plans for a BTC ETF kicked off a rally that has seen the Bitcoin price rise over 19% since the announcement.
Other institutional investors have followed, with Invesco reapplying for approval to offer a spot Bitcoin ETF and WisdomTree refiling for a spot Bitcoin asset.
Christo de Wit, Luno’s SA country manager comments, “Since last week when almost all cryptocurrencies retracted as a result of the actions of the SEC in the USA, we are seeing renewed investor confidence this week. This is primarily driven by BlackRock, the world’s largest asset manager, lodging a new filing for a spot Bitcoin ETF in the US.
“This comes amidst the storm between the SEC and US-based crypto platforms. It seems unlikely that these large asset managers, among the largest in the world, would proceed without confidence that the regulatory concerns would be resolved. It also points to a strong and growing demand for Bitcoin in investment portfolios.
The announcement and those which followed signaled confidence not only in Bitcoin but in the broader cryptocurrency market as well, with most of the large-caps trading in the green. The significance of this can be seen as a positive shift in how cryptocurrencies are being viewed by traditional investment institutions.”
Trading volumes on Luno in South Africa have increased since the start of this week.