Challenges Ahead for US Economy, Bitcoin Swings, and BlackRock's Positive BTC Remarkby@ulriklykke
909 reads

Challenges Ahead for US Economy, Bitcoin Swings, and BlackRock's Positive BTC Remark

tldt arrow
Read on Terminal Reader
Read this story w/o Javascript

Too Long; Didn't Read

On Monday, Bitcoin's price experienced a rapid surge to $30,000 following a false report from the Cointelegraph claiming that the SEC had approved BlackRock's Bitcoin Spot ETF. The wild price swings up and the subsequent retraction resulted in the liquidation of over $70 million worth of short positions during the price increase. Additionally, when the price later corrected, approximately $31 million in long positions were liquidated. While the ETF news turned out to be a fad what was really exciting for this week was Blackrock’s CEO, Larry Fink, making remarks that the increased interest in BTC lately could be seen as a “flight to quality” driven by current geopolitical tension.
featured image - Challenges Ahead for US Economy, Bitcoin Swings, and BlackRock's Positive BTC Remark
Ulrik Lykke HackerNoon profile picture

@ulriklykke

Ulrik Lykke

Author of the Bitcoin Global Macro, a newsletter focusing on digital assets, macro insights & investment ideas.


Receive Stories from @ulriklykke


Credibility

react to story with heart

RELATED STORIES

L O A D I N G
. . . comments & more!