Bitcoin above $28,400 amid generally positive sentiment

by Jonathan Adams
Bitcoin

Bulls appeared unmoved by the incorrect reports of BlackRock’s spot bitcoin ETF being approved, which led to huge price swings on Monday and saw bitcoin soar to $30,000 and drop to $27,900 before settling

Bitcoin sat above the $28,400 mark in European morning hours on Tuesday amid generally positive sentiment about the asset’s near-term future and a fundamental crypto law signed in the U.S., which likely helped boost prices.

California Governor Gavin Newsom signed a crypto licensing bill on Friday, to be effective in July 2025, in a move that could help benefit crypto businesses in the state and likely aid long-term industry growth.

Bulls appeared unmoved by the incorrect reports of BlackRock’s spot bitcoin exchange-traded fund (ETF) being approved, which led to huge price swings on Monday and saw bitcoin soar to $30,000 and drop to $27,900 before settling. In the meantime, in a FOX Business interview, BlackRock Chief Executive Officer Larry Fink said the rally was indicative of the “pent up interest in crypto.”

I think there are more people running into a flight to quality, whether that is in Treasuries, gold or crypto, depending on how you think of it. And I believe crypto will play that kind of role, as a flight to quality, he added.

During the last 24 hours, bitcoin added 2.1% to extend a two-day gain streak, while ether and BNB Chain’s BNB tokens were little changed. Solana’s SOL climbed 6% to lead gains among major crypto tokens, while XRP and Cardano’s ADA shed as much as 0.3%.

Tokens of popular decentralized exchange Uniswap lost 3% as traders responded to the platform introducing a 0.15% swap fee for each trade made – which invoked mixed reactions among industry watchers on social app X.

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