"Indeed he won, now all eyes including BlackRock pay more attention to BTC."
Cryptocurrency king Bitcoin (BTC) which is currently staying above $66,000 has finally managed to overtake Tesla (TSLA) shares as its price climbed more than 1,180% compared to TSLA which only climbed about 806% in the last five years.
Through observation over the past year, BTC returns have increased 139% while TSLA fell 11% then the price of BTC also gained 49% this year while TSLA shares plunged 43%.
Please note BTC is the ninth largest asset in the world bigger than Meta Platform, Berkshire Hathway or JPMorgan Chase while TSLA is the 21st largest asset in the world with a market cap of $455 million.
According to Andrey Stoychev, the head of prime brokerage at Nexo said the main reason behind the 60% increase in BTC price was following the approval of ten spot BTC ETFs in the United States (US) by the Securities and Exchange Commission (SEC).
It should also be noted that US crypto-related stocks were found to record significant gains where Marathon Digital (MARA), CleanSpark (CLSK), Riot Platforms (RIOT) Cipher Mining (CIFR), and Hut 8 (HUT) rose throughout the trading day of April 22, 2024.
It is well known that the latest $19.7 million in inflows on April 22, 2024 means BlackRock's 70 consecutive days of inflows are currently in the top 10 longest daily inflows of all US ETF funds.
As of this writing, BTC price has plunged by 0.43% to $66,742 in the past 24 hours with a market cap of over $1 trillion but is still up 4.25% over the last week.
