Bitcoin Surges to $62K as BlackRock Primes the Crypto Market for a Major Move

The bitcoin price has climbed to over $62,000 per bitcoin, with traders now turning to a China "shock and awe" earthquake

Bitcoin price suddenly surged higher following the Federal Reserve's first post-pandemic interest rate cut that could send the bitcoin price "skyrocketing."

The bitcoin price climbed to over $62,000 per bitcoin, with traders now turning to a China "shock and awe" earthquake. The Fed surprised traders with a 50 basis point cut, kicking off what's expected to be a fresh liquidity cycle that could put the bitcoin and crypto market on the "cusp" of a major move.

Now, as fears swirl the U.S. dollar is on "the verge of a total collapse," the world's largest asset manager BlackRock has warned of "growing concerns" around the spiraling $35 trillion U.S. debt pile that's predicted to drive "institutional interest in bitcoin."

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Federal Reserve chair Jerome Powell has this week announced the first post-pandemic interest rate ... [+] cut, sending the bitcoin price sharply higher as BlackRock primes the crypto market for a major move.

"The growing concerns in the U.S. and abroad over the state of U.S. federal deficits and debt has increased the appeal of potential alternative reserve assets as a potential hedge against possible future events affecting the U.S. dollar," BlackRock's exchange-traded fund (ETF) chief investment officer, its head of crypto and its head of fixed income global macro wrote in a paper outlining the investment case for bitcoin.

"This is why some have called bitcoin the 2nd amendment of money," Bloomberg Intelligence ETF analyst Eric Balchunas posted to X, adding the U.S. debt pile of $35 trillion that's growing at a clip of $1 trillion every 100 days has "no end in sight."

"This dynamic appears to be also taking hold in other countries where debt accumulation has been significant," the authors of the BlackRock paper added. "In our experience with clients to date, this explains a substantial portion of the recent broadening institutional interest in bitcoin."

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