Bitcoin inches toward $68,000 following BlackRock's CEO crypto endorsement

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Bitcoin hit a high of $67,800 in the last few minutes, moving closer to $68,000 and just 8% away from its March record high. The surge came after BlackRock CEO Larry Fink endorsed Bitcoin as a viable asset class.

Fink recently reaffirmed his support for Bitcoin as a legitimate asset class during the company’s third-quarter earnings call. According to him, Bitcoin is not only a viable investment but also a rival to traditional commodities like gold.

“We believe Bitcoin is an asset class in itself,” said BlackRock CEO, adding that the company was discussing potential Bitcoin allocations with institutions worldwide.

As of now, Bitcoin’s market cap has reached $1.3 trillion, a figure that proves its growing prominence and acceptance in financial circles, per CoinGecko. BTC is currently trading at around $67,400, reflecting a 3% increase over the past 24 hours.

The upward trend follows a notable 5% gain yesterday, which came amid the strong performance of US spot Bitcoin ETFs. On Monday, these funds collectively drew in around $550 million in net inflows, Farside Investors data shows.

Market sentiment remains bullish with expectations of further increases if Trump secures a victory in the upcoming election. Concurrently, the recent rally comes amid the WLFI token presale of Trump-backed World Liberty Finance. The project raised $5 million in the first hour despite website issues.

Analysts suggest Trump’s involvement could boost the crypto sector, contrasting with Kamala Harris’s more conservative stance on digital assets.

The extended rally occurred around the time World Liberty Finance, the DeFi project backed by Trump, launched its WLFI token presale. The project raised $5 million in the first hour despite website issues. Market sentiment remains bullish with expectations of further increases if Donald Trump secures a victory in the upcoming election.

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