Bitcoin has made a quick recovery after a price drop, rising above $67,000 again. This comes after the digital asset reached a new all-time high on Tuesday.
The rise in Bitcoin has been attributed to BlackRock’s iShares Bitcoin ETF IBIT, which bought $778 million worth of BTC during the dip. This brings the total inflow of bitcoin into BlackRock’s ETFs to over $9 billion.
In addition, the US Securities and Exchange Commission (SEC) recently approved the first US-listed ETFs that track Bitcoin, a move that many investors believe will bring more mainstream capital into the crypto market.
Other traditional finance giants, such as BlackRock and Franklin Templeton, have also increased their allocations to digital assets, further driving the price growth of Bitcoin.
Currently, Bitcoin is trading flat at $66,675, but analysts are optimistic that the upcoming “bitcoin halving” event, which occurs every four years, will continue to attract new inflows and drive up the price.
The “bitcoin halving” is when the reward for validating blocks in the blockchain is reduced from 6.25 BTC to 3.125 BTC. This could create a shortage of digital assets, leading to an increase in price.
To stay updated on the latest cryptocurrency prices, you can download the Yahoo Finance app, available for both Apple and Android devices.
