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Bitcoin reclaimed the $68,000 mark but has yet to maintain consistent closings above it. The US data appears relatively positive. Besides, we have witnessed several significant developments in the last 24 hours. While SHIB and DOGE prices continue to rise, FLOKI was up by 70% at the time of writing.
Crypto Currency Recent Developments
The US Unemployment Rate has finally approached 4% again, announced at 3.9%. We need to see weakness in employment for the Fed to ease faster than expected. Wage increase data is also positive, so next week’s inflation data could be significant in a positive way for the markets. If inflation continues to fall, the market could become overly optimistic again and we might see new rises in crypto before the Fed meeting. So, what has happened in crypto currencies in the last 24 hours?
BlackRock Takes Action
BlackRock, one of the world’s largest asset managers, aims to purchase BTC ETFs for its Global Allocation Fund (MALOX). The updated filing suggests that MALOX could buy from ETFs as well as BlackRock’s own spot Bitcoin ETF, the iShares Bitcoin Trust (IBIT).
“The fund may acquire ETPs that aim to reflect the performance of the Bitcoin price by holding Bitcoin directly, including shares of a Bitcoin ETP supported by a BlackRock affiliate.”
This move reflects BlackRock’s confidence in Bitcoin’s future. On the other hand, the BlackRock Global Allocation Fund, launched in 1989, holds a variety of securities including companies like Microsoft and Apple. As of March 7, the fund has $17.8 billion in assets. Considering IBIT’s BTC assets are already nearing $12 billion, we can better understand the interest in ETFs.
Comments from the Fed Chairman
Powell, following intense criticism on the CBDC issue, stated that they are not close to this scenario yet. Many politicians focused on surveillance issues argue that a digital dollar would not be in the citizens’ favor. Moreover, numerous US Presidential Candidates have also stated this. Speaking of elections, the likelihood of Trump becoming the Republican candidate in the November elections is now close to 100%.
Powell also addressed concerns that “the government could see all your transactions,” citing China’s Digital Yuan as an example. He reassured everyone by saying that such a system would not be supported in the US.
