The post Crypto Markets Surge After BlackRock CEO Larry Fink Calls Bitcoin ‘Digital Gold’ appeared on BitcoinEthereumNews.com.

Larry Fink’s comment on Bitcoin sent ripples through the crypto world. Crypto markets continued to rally on Tuesday after Larry Fink, CEO of BlackRock, said he was wrong about Bitcoin, and referred to it as “digital gold”. The price of Bitcoin (BTC)climbed more than 1% over the past 24 hours to last change hands for $64,348, according to CoinGecko. Ethereum (ETH) by almost 2% and is trading for $3,461. Solana (SOL) was up 4% and Polkadot (DOT) is up by 0.5%. On Monday, Fink in an interview with CNBC TV host Jim Cramer said he was a “proud skeptic” before changing his perspective on Bitcoin. He now considers Bitcoin a legitimate financial instrument offering potentially uncorrelated returns. “It is a legitimate financial instrument that allows you to maybe have uncorrelated type of returns,” he said. “ I believe it is an instrument that you invest in when you’re more frightened, though. It is an instrument when you believe countries are debasing their currency by excess deficits, and some countries are.” BlackRock’s IBIT is the world’s largest spot Bitcoin ETF with inflows over $18 billion, followed by Fidelity’s FBTC with $9.7 billion inflows, according to Farside data. Among the top 100 cryptocurrencies by market cap, meme coins led the gains. PEPE (PEPE) surged by 30%, Dogwifhat (WIF) climbed by 24%, and FLOKI (FLOKI) rose by 22%. Data from CoinGlass indicates that in the past 24 hours, 68,869 traders were liquidated, amounting to total liquidations of $213.14 million. This includes $127 million in short positions and $86 million in long positions. Michael van de Poppe, CEO, MN Trading noted that BTC is back in the range. “As long as $60K holds, I’m expecting to see a continuation towards the all-time high in Q3,” he tweeted. Mt. Gox Funds Crypto exchange Kraken on…

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Filed under: News - @ July 17, 2024 6:18 am