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    BlackRocks 24 Billion Bitcoin Acquisition Ignites Market Excitement

    By adminNov. 4, 2024No Comments2 Mins Read
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    BlackRocks 24 Billion Bitcoin Acquisition Ignites Market Excitement
    BlackRocks 24 Billion Bitcoin Acquisition Ignites Market Excitement
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    BlackRock, the world’s largest asset manager, recently made a major investment in Bitcoin, purchasing approximately $2.4 billion in BTC to back its anticipated Bitcoin ETF offering.
    Over two days, an additional $300 million in
    Bitcoin
    was acquired, indicating the firm’s strong belief in cryptocurrency as institutional interest grows.
    Experts suggest BlackRock’s foray into Bitcoin ETFs might spur broader market enthusiasm, potentially encouraging more institutional investors to diversify portfolios with digital assets. This move also highlights a shift by major financial institutions toward incorporating crypto into mainstream finance.
    Alongside this, BlackRock’s iShares launched the Top 20 U.S. Stocks ETF this month, which targets the largest U.S. companies by market capitalization, providing investors with a straightforward way to access leading tech and other mega-cap stocks. The firm’s head of U.S. iShares described the ETF’s goal as offering a streamlined way to invest in mega-cap innovation, be it through Nasdaq tech firms or the broader S&P 500.
    READ MORE:


    China Central Bank Official Highlights Challenges for Bitcoin and Digital Currency Adoption
    On Wednesday, BlackRock’s iShares Bitcoin Trust saw its largest single-day inflow—around $872 million—since Bitcoin ETFs began earlier this year, underscoring strong demand for crypto-based ETFs. The company’s Bitcoin holdings have now reached 429,185 BTC, worth around $31 billion and comprising about 2% of Bitcoin’s total supply.
    Some analysts are linking these inflows to a possible “Trump trade,” as former President Donald Trump gains traction in betting markets ahead of the November 5 election day.

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