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Cryptocurrency News Articles
BlackRock Continues Increasing Its Bitcoin (BTC) Holdings, Now Holds 365,310 BTC Worth $24B
Sep 29, 2024 at 03:54 am
In the past few days, the overall cryptocurrency market has recovered nicely. Amid this recovery, asset management giant BlackRock has continued increasing its Bitcoin (BTC) holdings.
Asset management giant BlackRock has continued increasing its Bitcoin (BTC) holdings amid the recovering cryptocurrency market.
On September 28, 2024, the asset manager purchased a significant 1,684 BTC, valued at approximately $110.7 million, as reported by an on-chain analytic firm Lookonchain.
Together with the recent purchase, BlackRock has acquired a total of 7,578 BTC over a span of four days, highlighting the potential of Bitcoin and its growth prospects.
With these acquisitions, BlackRock now holds a total of 365,310 BTC, valued at $24.04 billion, based on the current market price of Bitcoin.
Despite the massive buying, Bitcoin has remained largely unchanged over the last 24 hours. Currently, BTC is trading near $65,760, with a price change of negative 0.15% during the same period.
Meanwhile, its trading volume has also declined by 52.93%, indicating lower participation from investors and traders.
It appears that the crypto community at large is not participating in BTC, possibly due to concerns about another price crash. However, BlackRock's continuous BTC purchase signals an optimal buying opportunity.
According to expert technical analysis, BTC is bullish following the recent breakout of a crucial resistance level at $65,000. It is currently trading above the 200 Exponential Moving Average (EMA) on a daily time frame, indicating an uptrend.
Based on historical price momentum, there is a strong possibility that the Bitcoin price could soon reach the $68,000 level. Moreover, if the sentiment remains bullish and whales continue increasing their BTC holdings, it is almost certain that the asset will break its all-time high.
Besides BTC, other major cryptocurrencies including Ethereum (ETH), Solana (SOL), Binance Coin (BNB), and many others also appear to be moving slowly. This market stability could indicate a potential sign of price correction or accumulation.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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