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.