BlackRock Adds Bitcoin ETF to Model Portfolio as Crypto Market Shows Signs of Recovery

The cryptocurrency market is showing initial signs of recovery after a significant downturn, with Bitcoin rising over 3% in the last 24 hours to trade above $84,400. The broader CoinDesk 20 Index also increased by 1.5% to 2,700. This rebound follows a period of extreme fear, with the Crypto Fear & Greed Index plunging to levels not seen since the 2022 bear market. Contributing to the positive sentiment, the White House announced that U.S. President Donald Trump will host a crypto summit on March 7. Furthermore, BlackRock, the world's largest asset manager, has added a 1% to 2% allocation of its iShares Bitcoin Trust (IBIT) to one of its model portfolios, potentially driving new demand for Bitcoin ETFs.