• Bitcoin (BTC) rose two consecutive days, from $25,000 to just shy of $27,000.
• Ethereum (ETH) also rose and now sits at $1,750.
• Most other altcoins are in the green as well due to positive news form the world’s largest asset manager – BlackRock.
Crypto Markets Add $60B in 2 Days
The cryptocurrency market saw a surge of value over the last two days with Bitcoin (BTC) rising from under $25,000 to just shy of $27,000 and Ethereum (ETH) increasing and now sitting at around $1,750. Other altcoins have seen increases in value as well due to positive news from the world’s largest asset manager – BlackRock filing for a Bitcoin Spot ETF in the States.
Bitcoin Reaches Weekly High
Last week BTC had slumped down to a three-month low below of under $24,800 due to SEC lawsuits against Binance and Coinbase. Despite instant recovery attempts up to almost $27,400 it remained grim until an announcement by BlackRock on their new bitcoin ETF filing drove prices back up again.
Altcoin Performance
Other altcoins have experienced increases in value due to BTC’s performance over the last few days including SOL reclaiming its previous high at around$15 after a 7% daily increase and BNB being close to touching a high of $250.
US CPI Numbers Influence Market
The US CPI numbers which were released last week failed to affect BTC initially but later on played an important role when they caused BTC dump from over $$26k down to its three-month low mentioned earlier before its recovery followed by another pump shortly after Blackrock’s announcement on their bitcoin ETF filing.
Conclusion
Overall this has been an exciting weekend for crypto markets as most major cryptocurrencies have seen significant price increases resulting in an overall market cap increase of around$60 billion dollars within 2 days alone.