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Blackrock, holding the reins of asset management worth $10 trillion and having made a mark on spot Bitcoin ETFs, has once again drawn all eyes with its new move. The company, currently at the forefront of the spot Bitcoin ETF process and anticipating spot Ethereum ETFs, has made a decision that has caused a significant stir.
Blackrock’s Historic Move
In a recent announcement based on SEC sources, it was revealed that Blackrock has launched a tokenized asset fund on the Ethereum blockchain.
The company, already the world’s largest asset fund manager and leading the entries in spot Bitcoin ETFs, seems set to make waves with this step in the coming period.
Ahead of the expected approval for spot Ethereum ETFs before May 23, this move by the company demonstrates once again its serious and realistic interest in the cryptocurrency and blockchain space.
Current State of Bitcoin and Ethereum
While all this is happening, Bitcoin’s decline continues. Last week, the price of BTC was fluctuating above the $73,000 mark. Today, it is struggling to stay above $65,000.
As of this writing, BTC is trading at $64,750 after a 3.40% drop in the last 24 hours, which means it is moving further away from its previous all-time high of $69,000.
Following the drop, BTC’s market cap has fallen to $1.27 trillion, while the 24-hour trading volume has seen a 50% increase, reaching a value of $71.4 billion.
On the other hand, following the Ethereum Denchun upgrade, the price of ETH also plummeted. After surpassing the $4,000 mark and moving slightly higher, ETH began to fall. The decline deepened, and at the time of writing, after a 5% drop, ETH is trading at $3,313.
During this period, ETH’s market cap has also fallen to $397 billion, down from over $470 billion. The 24-hour trading volume for ETH remains above $32 billion.
