Bitcoin Continues to Trade in Green Throughout the Week, Reaching a Two-Month High

Weekly Update

Major cryptocurrencies continued to trade at similar levels throughout the week, with Bitcoin maintaining levels above $23,500. The global crypto market cap is down by 1.41% to $1.14T at the time of writing this article. Over the past 24 hours, the overall volume of the cryptocurrency market has decreased by 16.13% to $78.52B.

DeFi’s total 24-hour volume is $8.48B, or 10.80% of the overall crypto market volume. All Stablecoin volume is currently $71.10BB, or 90.55% of the 24-hour volume of the whole crypto market.

Bitcoin was trading at about $23,949.94 at the time. According to data from CoinMarketCap, Bitcoin’s market share is currently 40.04%, a drop of 0.40% from the previous day.

Despite the figures above, bitcoin has had a good week, especially in comparison to last week or even the month, as trading volumes and prices of various cryptocurrencies increased this week, with bitcoin reaching a two-month high of $24,822.63 slowly putting an end to the crypto winter cycle.

BlackRock Launches Bitcoin Private Trust

According to Cointelegraph, asset manager BlackRock, which manages $10 trillion in assets, has unveiled its new private spot Bitcoin (BTC) trust. The fund is only available to US institutional investors because it intends to track the performance of Bitcoin after deducting the trust’s expenses and liabilities.

According to Cointelegraph, private investment trusts that do not endorse investments from retail investors are not required to register with the United States’ regulatory authorities.

Blackrock CIO Rick Rieder has made several pro-bitcoin and crypto statements. He repeatedly stated that the price of Bitcoin could skyrocket. He also stated in June that bitcoin and cryptocurrency are long-term investments. Blackrock launched a blockchain Exchange-Traded Fund (ETF) in April.