BlackRock Just Unleashed ‘Nuclear Winter’—Sparking Bitcoin, Ethereum, XRP, Solana And Crypto Price ‘Panic’

bitcoin
btc
and cryptocurrency prices have soared this week, adding billions to the market as the price of bitcoin, ethereum and XRP
XRP
and solana led the demonstration (despite new fears that the US government could "kill" bitcoin).

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The price of bitcoin has approached $40,000 per bitcoin, riding a wave of Bullish Wall Street optimism that was fueled by a $17.7 trillion "window" that opened for a brief period..

Now the world's largest asset manager, BlackRock
BLACK
has pulled the trigger on what one widely followed analyst has called "nuclear winter" for skeptics of bitcoin, ethereum and crypto prices.

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“A massive short squeeze occurred overnight in ethereum. The funding rate is the highest in history and signals a complete short panic,” Matrixport head of crypto research and strategy Markus Thielen wrote in a report following BlackRock's surprise ethereum spot exchange-traded fund (ETF) filing.

BlackRock's ethereum spot ETF filing, which came on the heels of the Wall Street giant's historic bitcoin spot ETF filing in June, is thought to could start a similar rush to the market as rivals They are rushing to apply for their own crypto ETFs.

“This is a nuclear winter for everyone who doubted Ethereum,” Thielen wrote. "Market-neutral crypto hedge funds are killing it with these funding rates. Capital inflows into crypto hedge funds will be high on allocators' agenda."

Ethereum has struggled alongside the broader crypto market since peaking in late 2021, with the collapse of the non-fungible token (NFT).
NFTs
) market and the evaporation of interest in a decentralized Internet built on the ethereum blockchain, known as web3, weighing on prices.

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MORE FROM FORBESA legendary billionaire just bet on Bitcoin amid a $300 billion boom in Ethereum, XRP and cryptocurrency pricesBy Billy Bambrough

Meanwhile, other market watchers applauded the news about BlackRock's ethereum ETF, following reports that the US Securities and Exchange Commission (SEC) opened a dialogue with crypto asset manager Grayscale over converting your bitcoin trust into a full-fledged bitcoin spot ETF.

“We have seen how the cryptocurrency market has been responding positively to the news of the approval of a spot ETF, and this is another example,” said Simon Peters, cryptocurrency market analyst at trading platform eToro, in comments sent by email, adding that he expects the price of bitcoin to rise. to continue rising.

"We have broken through the $30,000 to $31,000 resistance level, which was proving quite problematic. The next stop is potentially $45,000, the highs last seen in March 2022."