Important points
- Bitcoin is over $67,000, just 8% away from its all-time high.
- BlackRock's CEO likens Bitcoin to gold and champions it as a viable asset class.
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Bitcoin hit a high of $67,800 in the past few minutes and is closing in on $68,000, just 8% off its all-time high set in March. The jump came after BlackRock CEO Larry Fink championed Bitcoin as a viable asset class.
During his Q3 2024 earnings call, Fink formally recognized Bitcoin as a distinct asset class on par with traditional commodities such as gold. He noted that BlackRock is discussing possible Bitcoin allocations with institutions around the world.
Bitcoin's market capitalization currently stands at $1.3 trillion, a figure that proves Bitcoin's popularity and acceptance in the financial world. According to CoinGecko, BTC is currently trading at around $67,400, reflecting a 3% increase over the past 24 hours.
This uptrend follows yesterday's notable 5% rise amid strong performance for the US Spot Bitcoin ETF. On Monday, these funds collectively attracted net inflows of about $550 million, according to data from Farside Investors.
Market sentiment remains bullish, with expectations that the stock will rise further if President Trump secures victory in the next election. At the same time, the recent rally came amid a pre-sale of Trump-backed World Liberty Finance's WLFI token. The project raised $5 million in the first hour, despite website issues.
Analysts have suggested that Trump's involvement could boost the crypto sector, in contrast to Kamala Harris' more conservative stance on digital assets.
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