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Friday brought some 'hopium' to the cryptocurrency market as the price of Bitcoin is actively storming the $84,000 level. Eventually, BTC actually made it above the crucial price point and is now trading at almost $85,000.
With all the optimism soaring out of nothing, the market seems to recover and even BlackRock, which became one of the major players in the crypto space with the introduction of IBIT Bitcoin ETF is back buying.
Gamza KhanzadaevAs it was recently revealed by Arkham Intelligence, which tracks the wallet of the financial mastodon, Blackrock just received $25 million worth of Bitcoin from Coinbase Prime. After days and even weeks of straight outflows from IBIT and other Bitcoin ETFs, which eventually led to selling from the issuers of these funds, this fresh injection feels like a relief.
The only catch is that financial markets tend to grow on Friday, but that's an important remark only if there's nothing to worry about in the coming weekend. So, this is a clear indicator of crypto enthusiasts' sentiment, which is majorly bullish, but still cautious.
Bitcoin, tariffs, and fear
Most of the recent fear was definitely caused by the so-called 'tariff war'. But at this point, more tariff-related news doesn’t seem to be doing much. Bitcoin tested $80,000 multiple times without breaking lower, which says a lot.
On the other hand, even small signs of progress on the trade front could spark a painful dip, possibly by $5,000 or more. Still, analysts mostly think that the setup leans toward the upside.
Alex DovbnyaAnd let's be honest there are plenty of reasons to be optimistic. Saylor’s $21 billion offering is a big one - if he pulls it off, it could be a game-changer. When markets stop fearing and start moving, they tend to move fast, and right now, it looks like they’re just waiting for a reason.
Dan Burgin
Vladislav Sopov