Last week, BlackRock made a major move in the cryptocurrency market by purchasing 16,975 Bitcoin (BTC), worth around $1.17 billion. This new acquisition has contributed to a rise in Bitcoin’s price, which increased by more than 8% over the past week. Data from Lookonchain shows that Bitcoin’s recent price spike is due to BlackRock’s acquisition.
BlackRock Increases Bitcoin Holdings to Over 386,000 BTC
As of October 20, 2024, BlackRock’s total Bitcoin holdings have reached 386,614.83 BTC. A large investment indicates that the firm is gaining more confidence in Bitcoin and the need to regard it as a valuable asset. BlackRock, one of the leading international companies providing investment services, has recently gained much attention due to the growing investment in the digital asset market.
Bitcoin’s Rise Signals Growing Adoption Among Institutional Investors
The acquisition also continues to signal a shift in which conventional financial institutions express interest in Bitcoin. This trend has made many people to think that Bitcoin could be gradually being adopted as an investment option, especially by large institutional investors. The rise of price after BlackRock’s decision means that the market has responded positively to the news.
As seen by Lookonchain, with Bitcoin’s value on the rise and more institutional investors taking a profit, many are keen to observe how this will change the market in the next weeks and months.
