BlackRock Scoops Up BTC and ETH Ahead of FOMC Emergency Announement Today
Key Insights:
- BlackRock makes large BTC & ETH purchases via Coinbase Prime ahead of FOMC.
- Traders speculate institutional positioning before the Fed’s emergency announcement.
- Bitcoin rises to $73,337; Ethereum jumps to $2,150 amid crypto rally.
Social media platforms are abuzz with reports that asset manager BlackRock is aggressively accumulating Bitcoin and Ethereum. These purchases are particularly noteworthy as they occur ahead of the FOMC emergency meeting today.
Why is BlackRock Buying More BTC and ETH?
According to reports circulating on the X platform, investment giant BlackRock is actively purchasing Bitcoin and Ethereum today. Reports also claim that these moves come just hours ahead of a scheduled emergency announcement from the Federal Open Market Committee (FOMC).
As per available data, accounts linked to BlackRock has transfered large chunks of crypto through Coinbase Prime wallets. These transactions indicate repeated purchases of Bitcoin and Ethereum.
Several transfers include around 300 BTC, worth around $22 million, and large ETH moves of 10,000 ETH.
BlackRock Buys BTC, ETH | Source: X
It is worth noting that these transfers appear to be linked to BlackRock’s crypto ETFs, including the iShares Bitcoin Trust (IBIT) and iShares Ethereum Trust (ETHA). Both these funds use Coinbase Prime as custodian.
What Are Traders Saying About the Move?
This event has sparked significant attention across the crypto market. Many believe that BlackRock’s crypto accumulation is a strategic move in anticipation of a major bullish event ahead.
As it comes ahead of the scheduled FOMC announcement, many link it to the Fed’s policy decision. While no official confirmation is available, the community expects the Fed to make a critical announcement that could significantly influence the market.
Significantly, the sudden buying activity by BlackRock fueled discussions among traders. Some suggest that institutional investors may be positioning themselves ahead of the FOMC announcement.
While the claims remain unconfirmed, the rumors have quickly gained traction across the crypto market, adding to the anticipation surrounding today’s FOMC announcement.
The Federal Reserve’s emergency announcement comes ahead of the FOMC meeting scheduled for March 17-18. This meeting remains crucial as the community is awaiting the central bank’s potential decision on interest rates.
As per current expectations, the bank is less likely to reduce interest rates. The odds of the Fed holding the rates unchanged have now surged over 97%.
BTC and ETH Prices Surge Amid BlackRock Buying
The crypto market has once again returned to the green zone today amid BlackRock buying. Both Bitcoin and Ethereum, along with other major tokens, have seen significant price hikes over the past day.
This positive trend is especially driven by the easing geopolitical tensions. As Iran has reportedly expressed willingness for a negotiation talk with the US to end the war, the community remains optimistic of a potential resolution.
These speculations have significantly influenced the crypto market. The crypto purchase of BlackRock have further contributed to the current rally of Bitcoin and Ethereum prices.
The tokens are showing more positive signals following these large batches of buys.
BTC, ETH Surge Post BlackRock Purchase | Source: CoinMarketCap
As of press time, BTC is valued at $73,337, with a significant uptick of 3% in a day and 7% in a week. However, the coin has plummeted by over 6% over the past 30 days.
Meanwhile, Ethereum is trading at $2,150, marking a notable hike of nearly 4% in a day. Despite a 5.4% drop over the past month, the altcoin has soared by 4.4% over the past week.
The post BlackRock Scoops Up BTC and ETH Ahead of FOMC Emergency Announement Today appeared first on The Coin Republic.
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