Bitcoin Surges Toward $68K as BlackRock CEO Endorses Crypto and Trump-Backed DeFi Gains Traction

Bitcoin nears $68,000 after BlackRock CEO Larry Fink’s endorsement, calling it a legitimate asset class. The market also reacts positively to Trump-backed DeFi project WLFI raising $5 million in presale.

Bitcoin is edging closer to the coveted $68,000 mark, spurred by a wave of institutional support and market enthusiasm. The latest surge saw Bitcoin peak at $67,800, just 8% short of its all-time high recorded in March. This bullish trend followed BlackRock CEO Larry Fink’s recent affirmation of Bitcoin as a valid and competitive asset class, standing shoulder-to-shoulder with commodities like gold

Fink, during BlackRock’s third-quarter earnings call, reiterated his belief in Bitcoin’s long-term potential. He emphasized its growing role in the global financial landscape, saying, “We believe Bitcoin is an asset class in itself.” According to Fink, discussions about Bitcoin allocations are becoming more common among global institutions, further cementing its status.

As of today, Bitcoin’s market capitalization has reached an impressive $1.3 trillion, according to CoinGecko data. The current trading price hovers around $67,400, reflecting a solid 3% gain over the past 24 hours. This growth follows a significant 5% rise yesterday, driven by robust inflows into U.S. spot Bitcoin ETFs, which saw $550 million in net capital in just one day, according to Farside Investors.

Institutional Momentum Behind Bitcoin’s Rise

The institutional momentum behind Bitcoin is unmistakable. Fink’s endorsement is seen as a key driver of Bitcoin’s recent performance. BlackRock’s growing interest in crypto-related investments has been well-documented, and the CEO’s public support only strengthens Bitcoin’s position as a mainstream financial asset. Investors and institutions alike are increasingly viewing Bitcoin as a hedge against traditional economic fluctuations, similar to how gold is often perceived.

Larry Fink’s endorsement is also viewed as a validation for institutional investors who had been hesitant to enter the crypto space. His statement has paved the way for more firms to consider incorporating Bitcoin into their portfolios, further enhancing market liquidity and stability.

Trump-Backed WLFI Token Adds Fuel to Bitcoin Rally

Concurrently, the crypto market is seeing another boost from the DeFi sector. The Trump-backed World Liberty Finance (WLFI) project recently launched its token presale, raising an astounding $5 million in the first hour, despite initial website issues. This presale further amplifies market sentiment around Bitcoin and DeFi, with expectations of increased price movement should Donald Trump gain victory in the upcoming U.S. election.

The presale success of the WLFI token has added another layer of bullishness to the market. Trump’s active involvement in the project has garnered significant attention, especially among his supporters, who are keen on the potential growth of the DeFi space. Analysts predict that Trump’s backing could lend credibility and drive further adoption in the crypto sector, contrasting with Kamala Harris’s more cautious stance on digital assets.

What’s Next for Bitcoin?

With Bitcoin’s price nearing $68,000, the market is buzzing with speculation about further upward movement. Analysts suggest that a victory for Trump in the upcoming U.S. election could trigger even more growth for the crypto market, particularly given his association with various digital asset initiatives. As institutions continue to pile into Bitcoin and Trump-backed projects gain traction, the stage is set for continued bullish momentum.

For now, all eyes are on Bitcoin’s performance and how the political landscape might impact its value in the near future. The next few weeks could be pivotal, with market sentiment suggesting that a new all-time high is within reach if favorable conditions persist.

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