Cryptocurrencies surged on Thursday after BlackRock, the world’s largest asset manager, announced plans to launch a Bitcoin ETF in the United States. The announcement was seen as a major vote of confidence in the cryptocurrency by one of the most conservative and respected financial institutions in the world.
According to CoinMetrics, Bitcoin ended the day higher by 3.75% at $26,355.04, while Ether advanced 3% to $1,718.32. Even altcoins rose, with the tokens tied to Solana and Cardano gaining 4.5% and 2%, respectively. Binance Coin was 2.75% higher, Litecoin gained 3%, and the Uniswap token advanced 4%.
The news of BlackRock’s Bitcoin ETF plans comes as the cryptocurrency market has been under pressure in recent months. Bitcoin has fallen more than 30% from its all-time high of $68,789, which it reached in November 2021.
However, the announcement from BlackRock is seen as a sign that institutional investors are becoming more bullish on Bitcoin. BlackRock is the latest major financial institution to express interest in the cryptocurrency. In April, Fidelity Investments announced plans to launch a Bitcoin ETF, and in March, Goldman Sachs said it would begin offering Bitcoin trading services to its clients.
The launch of a Bitcoin ETF in the United States would be a major milestone for the cryptocurrency. ETFs are a type of investment fund that tracks the performance of an underlying asset, such as a stock index or commodity. The launch of a Bitcoin ETF would make it easier for investors to buy and sell Bitcoin, and it could help to legitimize the cryptocurrency in the eyes of traditional investors.
It is still unclear when BlackRock’s Bitcoin ETF will launch. The company has said that it is still working on the regulatory approval process. However, the announcement on Thursday is a positive sign for the cryptocurrency market, and it could help to boost prices in the coming months.