Blackrock Now Holds $3 Billion Bitcoin
A recent survey shows growing bullish sentiment about Bitcoin and Ethereum among Wall Street investors. 50% of participants now have digital assets as part of their portfolio, an 8% increase over previous surveys. However, prices have remained rangebound in the low $43,000s for Bitcoin and below $2,400 for Ethereum, likely due to macroeconomic uncertainties.
BlackRock Spot Bitcoin ETF Hits $3 Billion
The BlackRock Spot Bitcoin ETF has rapidly attracted investment, crossing $3 billion in assets under management in less than a month. It recently overtook the Grayscale Bitcoin Trust in daily trading volume. The success of US-based crypto ETFs is also putting pressure on similar products in Europe to cut fees to stay competitive.
Job Market Reversal?
The latest US jobs report showed a higher-than-expected 353,000 jobs added in January. This breaks a 10-month trend of downward revisions and could indicate the job market and broader economy have reversed their declines. However, tech sector layoffs continue, with over 150,000 cuts in the last 90 days.
AI Driving a New Computing Cycle
Venture capitalists see the AI boom as foundational, similar to the mobile and cloud revolutions. AI is powering a new generation of technologies across sectors like computing, VR/AR, and more that will reshape industries. Cryptocurrencies related to AI computing like Render could benefit from surging demand.
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