[Bitcoin Now] Maintaining $30,000 Level Amid BlackRock and Powell-Driven Positive News

Global asset management firm BlackRock's move to launch a Bitcoin spot exchange-traded fund (ETF) has pushed Bitcoin prices into the $30,000 range. Comments from Jerome Powell, Chair of the U.S. Federal Reserve (Fed), have also driven Bitcoin price increases.

Image source=Reuters·Yonhap News

According to the global cryptocurrency market tracking site CoinMarketCap, as of 7:28 a.m. on the 25th, Bitcoin was priced at $30,531 (approximately 40.06 million KRW), down 0.08% from the previous day. Until the 20th of this month, Bitcoin prices hovered around the $26,000 range, but over the past week, they have risen more than 15%. The price surpassed $31,000 the day before, marking the highest level since June last year. It has increased by more than 80% since the beginning of this year.

The recent strength in Bitcoin prices is largely due to expectations surrounding BlackRock's Bitcoin spot ETF listing. On the 15th, BlackRock filed an application with the U.S. Securities and Exchange Commission (SEC) to list the iShares Bitcoin Trust, a Bitcoin spot ETF. While the SEC has historically not allowed the launch of Bitcoin spot ETFs, there is growing market speculation that this time might be different. The impact of BlackRock's Bitcoin spot ETF application has encouraged other asset management firms, such as WisdomTree and Invesco, to also apply to the SEC for Bitcoin spot ETF listings, creating a positive ripple effect in the crypto market. Ryan Rasmussen, a researcher at Bitwise, a cryptocurrency investment management firm, stated, "The long-term conviction of these most trusted financial giants in asset management and investment has boosted investor sentiment and trust, which had been relatively low."

Additionally, Chair Powell's remarks have influenced the rise in Bitcoin prices. On the 21st (local time), during a House Financial Services Committee hearing, he said, "We view payment stablecoins as a form of money," adding, "Cryptocurrencies appear to have the status of money." He also emphasized the need for regulation of cryptocurrencies. Stablecoins refer to a type of cryptocurrency designed to be pegged to fiat currency and are primarily used in coin trading.

Meanwhile, cryptocurrency investor sentiment showed signs of greed. According to the cryptocurrency data provider Alternative, the Fear & Greed Index for the previous day was 62 points (greed). On the 22nd and 23rd of this month, it rose to 65 points (greed). Until the 19th, it remained at 47 points (neutral), but it increased by 18 points in just three days. Alternative's Fear & Greed Index ranges from 0, indicating extreme fear and pessimism about investing, to 100, indicating strong optimism.