BlackRock, one of the biggest names in the asset management niche, made a dynamic move in the risk-on assets sector. The purchase of $327.3 million worth of BTC was nothing short of a revolution!
In the last 3 days, BlackRock purchased 12,500 BTC. The investment totalled to a value of $1.16 billion. The institutional interest around the coin was growing fast. Meanwhile, the big move came from Blackrock.
# The Direct Effect
With this huge buying, BTC’s price surged to a staggering high. The price of each BTC coin increased by a significant $26,184. What’s more important is that the whole movement occurred within 24 hours.
There was also an unprecedented spike in the trading volume of the BTC/USD pair. Within 24 hours, the trading volume of the pair reached 1.8 million BTC.
# The Long-term Effect
As a result of this shark activity, there are going to be long-term implications for BTC. Firstly, the market sentiments around the coin are supposed to grow big. But that’s not the most significant development.
As BTC grew big, its ripple effect is going to be felt across the other coins as well. The AI pegged coins are especially growing!
# Other Trade Implications
The biggest impact of the mammoth trade was witnessed across the trading volume of the USD-pegged coins. The BTC/USD pair on Binance saw a rise in trading volume of 30%. At the same time, the people’s reactions to other coins are also becoming more positive.
The AI-based coins like SingularityNET went through massive gains. ETH also witnessed a sharp 3.8% growth. Followed by AGIX, which grew 7.2%. We’ll be witnessing more such gains over the next month!
Keep an eye open for the top gainers!
