Markets
Cryptocurrency Markets Surge After BlackRock CEO Larry Fink Calls Bitcoin ‘Digital Gold’
Larry Fink’s comment on Bitcoin has caused a stir in the cryptocurrency world.
Cryptocurrency markets continued to rally on Tuesday after BlackRock CEO Larry Fink said he was wrong about Bitcoin and called it “digital gold.”
The price of Bitcoin (BTC) has risen more than 1% in the past 24 hours to last change hands at $64,348, according to CoinGecko. Ethereum (ETH) by nearly 2% and is trading for $3,461. Solana (SOL) grew by 4% and Polkadot (POINT) increased by 0.5%.
Monday, Fink in a interview with CNBC host Jim Cramer said he was a “proud skeptic” before changing his perspective on Bitcoin. He now sees Bitcoin as a legitimate financial instrument that offers potentially uncorrelated returns.
“It’s a legitimate financial instrument that allows you to have maybe a kind of uncorrelated return,” he said. “I think it’s a tool you invest in when you’re most scared, though. It’s a tool when you think countries are devaluing their currency with excessive deficits, and some countries are.”
BlackRock’s IBIT is the world’s largest spot Bitcoin ETF with inflows of more than $18 billion, followed by Fidelity’s FBTC with inflows of $9.7 billion, according to Far side data.
Among the top 100 cryptocurrencies by market cap, meme coins led the gains. PEPE (PEPE) rose 30%, Dogwifhat (WIF) rose 24%, and FLOKI (FLOKI) rose 22%.
Data from CoinGlass indicate that 68,869 traders were liquidated in the last 24 hours, for a total liquidation of $213.14 million. This includes $127 million in short positions and $86 million in long positions.
Michael van de Poppe, CEO of MN Trading, noted that BTC is back in the range.
“As long as $60,000 holds, I expect to see a continuation toward the all-time high in the third quarter,” he said. tweeted.
Mt. Gox Funds
Cryptocurrency exchange Kraken said on Tuesday that it had received funds from Mt. Gox creditors.
“We have successfully received creditor funds (BTC and BCH) from the Mt. Gox Trustee. While we will work to distribute the funds as quickly as possible, please allow 7-14 days for the funds to be credited to your account. The amount you will receive has been determined by the Trustee and we will distribute it based on their instructions,” an email revealed.
Tuesday, Mt. Gox moved about 92,000 BTC, worth $5.8 billion, across four different wallets, according to Arkham Intelligence, a blockchain analytics firm. The wallet still contains about 138,985 BTC, worth more than $8.85 billion.
On-chain analytics firm Lookonchain, you think that Mt. Gox “may be preparing for reimbursement.”
Political developments
A few days after the failed attempted assassination of Donald Trump during a rally in Pennsylvania, the former president announced that cryptocurrency-friendly Senator J.D. Vance (R-Ohio) would be his vice presidential nominee.
Known for his staunch pro-crypto stance, Vance voted to repeal SAB 121, criticized the Securities and Exchange Commission (SEC) for the Debt Box incident, and introduced a 2023 bill to protect cryptocurrency companies and gun manufacturers from discrimination.
While Vance has not disclosed any recent cryptocurrency holdings, his 2022 Senate financial disclosure revealed that held between $100,000 and $250,000 in Bitcoin.
Meanwhile, the US stock market soared on Tuesday. S&P 500 futures and Nasdaq 100 futures gained 0.2%, while Dow Jones Industrial Average futures rose 0.1%.