Hopes surrounding investment giant BlackRock's filing for a potential US Bitcoin ETF saw a slight change in market movements early on Friday, fueling the bullish sentiment among some investors.
BlackRock ETF Filing Leads to Upward Outlook
On Thursday, it was reported that BlackRock plans to offer a Bitcoin ETF with crypto exchange Coinbase serving as a custodian.
This news was later confirmed after a filing showed that the company's iShares fund management unit was filing paperwork to create a spot Bitcoin (BTC) ETF.
“An estimated 20% of Americans have now owned Bitcoin at some point. CF Benchmarks CEO Sui Chung stated that BlackRock's proposed ETF offers a potentially more familiar and accessible option to the other 80%.
"BlackRock's growing involvement shows that Bitcoin continues to be an intriguing asset for some of the world's largest financial institutions."
Bitcoin quickly regained the $25,500 level early on Friday, erasing its losses in the last two days as it fell as low as $24,860.
The move gave some respite to major tokens like Polygon Network's MATIC and Cardano's ADA, which made a limited bounce to cushion some of the losses from the two-day drop.
Litecoin (LTC) gained 3.3%, while Dogecoin (DOGE) led gains among major tokens, with a 4% movement over the past 24 hours.
As such, Bitcoin's market strength has liquidated over $16 million in bearish positions in BTC-tracked futures over the past 24 hours.
*Not investment advice.
