FILE PHOTO: Physical representations of the bitcoin cryptocurrency are seen in this illustration taken October 24, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
The crypto market is buzzing with excitement as reports indicate that on January 5, BlackRock made a significant investment, purchasing $10 million worth of Bitcoin.
This move comes ahead of the approval of its Spot Bitcoin ETF, which is expected to have a volume of more than $2 billion.
Bitcoin fell to $42,000 last week as a result of Matrixport research highlighting the perceived low likelihood of ETF approvals.
Because of the much-anticipated decisions on Bitcoin ETFs, the crypto market is currently engulfed in a cloud of Fear of Missing Out (FOMO). This has prompted even large investors, dubbed “whales,” to engage in significant buying.
At an average price of $26,444, one strategic investor purchased 6,000 BTC worth around $158.66 million. Following that, the investor purchased more than 1,750 BTC worth around $76.9 million from Binance at an average price of $43,953.
The investor then made $26.4 million in profits by selling 3,000 bitcoins ($105.7 million) back to Binance at $35,241.
The US Securities and Exchange Commission (SEC) has issued a cautionary warning against crypto investments, particularly given the prevalent Fear of Missing Out (FOMO) sentiment.
The SEC’s educational arm used social media to highlight the risks of FOMO investing.
According to CoinMarketCap, Bitcoin is currently trading at $46,888, a 5.12% increase in the last 24 hours. Furthermore, the trading volume has increased by 75.75%. Investors are closely monitoring developments in the ETF space, adding to the market’s dynamism.
I'm a crypto, blockchain, and tech writer. I spend my time researching and writing about cryptocurrency, NFT, AI, and new technology.
