Bitcoin remains calm as it hovers around $31,000, spurred by Larry Fink and BlackRock

Few movements in the cryptocurrency market. Bitcoin (BTC) has barely budged in the last 24 hours and remains close to $30,800. For its part, Ethereum (ETH) drops slightly, although it resists above $1,900.

There have been no major events in the last few hours that managed to move the market. Perhaps the most noteworthy were the statements made by Larry Fink, CEO of BlackRock, the world's largest asset manager. As the celebrated investor pointed out in an interview with 'Fox Businness', Bitcoin could revolutionize the financial system as we know it.

"We do believe that if we can create more tokenization of assets and securities – that’s what Bitcoin is – it could revolutionize finance. Instead of investing in gold as a hedge against inflation, a hedge against the onerous problems of any one country, or the devaluation of your currency whatever country you’re in – let’s be clear, Bitcoin is an international asset, it’s not based on any one currency and so it can represent an asset that people can play as an alternative," explained Fink.

Similarly, the BlackRock CEO did not elaborate on when he believes the Securities and Exchange Commission (SEC) might give the go-ahead for its spot BTC exchange-traded fund (ETF). "We hope that, like in the past, we could be working with our regulators and get the filing approved one day, and I have no idea what that one day will be, but we’ll see how that all plays out," he added.

Since the SEC denied the first application by BlackRock, Fidelity and other institutional players, Bitcoin has managed to keep trading in the $30,000 to $31,000 range in which it has been moving. According to the Commission, this preliminary rejection is because the initial filings were "unclear" and "incomplete", although many experts believe that BlackRock could put an end to more than a decade of denials from the regulator and manage to bring this Bitcoin ETF to the spot market.

In this regard, Edward Moya, senior markets analyst at OANDA, thinks Bitcoin "appears to be stuck" in a somewhat wider range between $28,000 and $31,500. "False reports circulated that SEC Chair Gensler was going to resign after an internal investigation. Crypto traders are growing impatient, but it might be a while before we get some meaningful news regarding Grayscale’s lawsuit or further Bitcoin ETF clarity," the expert noted, as he believes BlackRock will be the winning horse in this race.

On the other hand, the minutes of the last Federal Reserve (Fed) meeting were released yesterday, on Wednesday, and they revealed that the central bank intends to continue raising rates, although at a slower pace. On the evolution of the economy, US central bank officials stressed that "economic activity continued to expand at a moderate pace", while "the labor market remained very tight, with solid job gains in recent months and the unemployment rate still low, but there were some signs that supply and demand in the labor market were coming into better balance".

On July 12, we will learn the next U.S. inflation reading, a figure that will give more clues as to which way the Fed will go at its July 26 conclave. According to CME's FedWatch tool, the market is currently discounting a 25 basis point hike that would take interest rates to the 525-550 basis point range. It is worth noting that, in recent weeks, cryptos have almost completely decoupled from equities.

In other market news, highlights include rises of almost 2% for Solana (SOL). Other altcoins such as Ripple (XRP), Cardano (ADA) or Dogecoin (DOGE) drop aggressively.