#write2earn Crypto Market Thrives as #BlackRock 's Entry Boosts Sentiment #bitcoin #CryptoNews🚀🔥 #marketanalysis. $BTC $eth
The cryptocurrency market kicked off the Asia trading session on a positive note, with traders celebrating BlackRock's move into asset tokenization and the start of central banks worldwide easing monetary policies.
Bitcoin ( $BTC ), the biggest digital currency, was trading at $67,300, marking a 4.9% increase over the past 24 hours, while ether saw a 4.7% rise, reaching above $3,400. Bradley Park, an analyst at CryptoQuant, believes the market's uptrend is linked to BlackRock's introduction of a fund targeting tokenized products on Ethereum, known as BUIDL.
Short sellers who bet against bitcoin and ether are feeling the pinch, with data from CoinGlass indicating that over $100 million in leveraged futures positions have been wiped out in the past day alone. This includes approximately $60 million in short BTC positions and $42.8 million in short ether positions.
Meanwhile, BTC's upward movement may be attributed to a slowdown in selling pressure from the Grayscale Bitcoin Trust (GBTC). Analysts speculate that Genesis' sale of shares could be a contributing factor to the decrease in GBTC outflow.
On a broader scale, macroeconomic factors are aligning in favor of bullish sentiments. The Swiss National Bank's unexpected decision to cut the benchmark interest rate last week initiated a wave of global monetary easing. This was followed by rate cuts from the Central Bank of Mexico, while the Federal Reserve, the European Central Bank, and the Bank of England have all laid the groundwork for forthcoming liquidity injections.
"Although a market correction appears overdue, the medium-term outlook seems optimistic for assets like equities, residential real estate, gold, and bitcoin," remarked the founder and manager of the Blokland Smart Multi-Asset Fund, reflecting on the onset of the global easing cycle. "It's no wonder that equities and gold have already reached fresh all-time highs," they added."
