The U.S. crypto market is showing signs of positive momentum as we enter a new week. After a dip in mid-March, Bitcoin (BTC) has climbed back up to $72,000, boosting the value of related stocks. In pre-market trading, Coinbase (COIN) rose 4.9%, MicroStrategy (MSTR) gained 10%, and BlackRock’s bitcoin exchange-traded fund (IBIT) increased by 6.5%. The broader crypto market also saw gains, with the CoinDesk 20 Index rising by 4.1%. Other tokens, such as dogwifhat and pepe, also saw significant increases of 18% and 10%, respectively.
According to trader Michaël van de Poppe, this may just be the beginning for altcoins as bitcoin dominance peaks before its upcoming halving. He believes that altcoins are currently undervalued and have a lot of potential for growth. With this positive sentiment in the market, it’s no surprise that bitcoin is expected to rally to new record highs. Technical analysis by 10x Research suggests that BTC could reach $80,000 in the coming weeks, with a suggested buying price of $69,280 and a stop loss at $65,000.
In other news, BlackRock (BLK), one of the world’s largest asset management firms, has added five authorized participants (APs) to the iShares Bitcoin Trust (IBIT). This brings the total number of APs to nine, with major institutions such as Goldman Sachs and Citigroup now on board. In fact, Goldman Sachs was previously reported to be in talks with issuers about becoming an AP for the bitcoin ETFs. This further demonstrates the growing interest and investment in the crypto market from traditional financial institutions.
