Bitcoin started the first day of the week with a sharp rise and surged above $70 thousand. The largest cryptocurrency advanced to over $72 thousand.

What is behind the rise?

The biggest reason that brought Bitcoin to the $70,000 level is undoubtedly the spot ETFs that have been opened and approved in the US… ETFs closed Friday with a positive input of $222 million. These funds, which receive hundreds of millions of dollars of investment every day under the leadership of BlackRock, have so far met with high interest from US investors.

BlackRock is considering adding Bitcoin ETF to its two funds

BlackRock, which is by far the leader in Bitcoin spot ETFs and receives the most investment, made a Bitcoin application to the SEC for two major funds last week. The company stated that it wanted to add Bitcoin ETF to the Strategic Income Opportunities Fund and the Global Accumulation Fund.

The Accumulation Fund, traded under the abbreviation MALOX, is known for holding hundreds of stocks and bonds. Since 1989, this fund, which can be invested since 1989, manages approximately $20 billion in assets.

The other Strategic Income Fund manages $36 billion in assets

That’s especially the company BlackRock and the power from ETFs have raised Bitcoin above $70,000 so far. The Fed interest rate announcement on 20 March will also be vital for the course of cryptocurrencies and other risky assets.