Bitcoin exceeds $ 26,300 ── BlackRock’s ETF application is the highest price in a week | CoinDesk JAPAN | Coin Desk Japan

Less than 24 hours after BlackRock, the world’s largest asset manager, applied for a Bitcoin exchange-traded fund (ETF), bitcoin (BTC) surpassed $26,000 on the 16th for the first time in a week. soared to a high value.

At the time of this writing, it was around $26,369, up about 5% in 24 hours, according to CoinDesk data. It had fallen below $25,000 on the morning of May 15, a close to a three-month low.

Ethereum (ETH) similarly climbed about 4.5% over the 24-hour period, near $1,721. Earlier this week, it broke below $1,700 for the first time since mid-March.

Other major cryptocurrencies also rallied sharply last week, including some that fell sharply after being named “securities” in the US Securities and Exchange Commission (SEC) lawsuit against Binance and Coinbase. Solana (SOL) is up more than 7%. Cardano (ADA), Polygon (MATIC) and Algorand (ALGO) were up 3.5%, 3% and 4.1% respectively.

The CoinDesk Market Index (CMI), which shows the performance of the overall cryptocurrency market, rose 4.4%, but trend indicators for Bitcoin and Ethereum put pressure on an industry affected by increased regulation, inflation and concerns about monetary policy in the United States. Reflecting investor anxiety, it is still in a downtrend.

At a conference in Norway on Monday, Fed Governor Christopher Waller shrugged off criticism that the Fed’s hawkish stance led to the banking crisis in March, but said the Fed remains inflation-prone. said he had concerns about Earlier this week, the Fed paused rate hikes that weighed heavily on crypto and other asset markets.

“The Fed’s job is to do a double duty with monetary policy, which now means raising rates to fight inflation.”

“Dealing with interest rate risk is the job of bank leaders, and nearly all bank leaders have done just that. I do not support changing the stance of monetary policy.”

Mark Connors, head of research at Canadian crypto manager 3iQ, said the timing of BlackRock’s ETF filing reflected an “implicit endorsement” to counter SEC legal action. It could be, he told CoinDesk. BlackRock has applied for the iShares Bitcoin Trust, in which Coinbase will act as a custodian.

“By suing Binance and Coinbase on consecutive days, the SEC has literally treated the two exchanges as a pair, implicating many, but not all, of the allegations. By reaffirming the company’s commitment to the base and Bitcoin ETFs, we can see this as a way to undo this pairing.”

Connors added, “The filing demonstrates a clear process for custody, liquidity and price oversight, which is definitely positive for Coinbase and the industry. Positive for Coinbase’s business outlook and expansion in the industry.” It made a big impact,” he added.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
| Image: CoinDesk
｜Original: Bitcoin Recrosses $26.3K to Hit Highest Level in a Week Amid BlackRock Optimism