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Bitcoin reaches new record: BlackRock drives the rise

The cryptocurrency market is abuzz today, with Bitcoin surpassing $70,000, an unprecedented milestone. The reason? A strategic move by BlackRock, the asset management giant, which has filed an application with the SEC to include its bitcoin ETF in its Global Allocation Fund (MALOX).

The news has caused a positive reaction in the market, with the price of Bitcoin on an unstoppable rise. BlackRock's request could open the door to greater institutional adoption of Bitcoin, leading to an increase in demand and therefore its price.

BlackRock's strategy implies that MALOX can acquire shares of exchange-traded investment products (ETPs) that track the performance of the price of Bitcoin, including the iShares Bitcoin Trust (IBIT), launched by the firm itself a little over two months ago.

This is not the first time that BlackRock has shown interest in Bitcoin. On March 4, the company filed another application with the SEC for Strategic Income Opportunities Fund (BSIIX), indicating a continued commitment to the cryptocurrency.

The news has had an immediate impact on the market, with Bitcoin reaching a new all-time high. This rise is being driven by the expectation that if the SEC approves BlackRock's applications, it will open a new door for institutional investment in Bitcoin.

In short, BlackRock's initiative has sparked a frenzy in the cryptocurrency market, with Bitcoin reaching record prices.

If the SEC gives the green light to BlackRock's applications, it could usher in a new era for Bitcoin, with a significant increase in institutional adoption and therefore its value.