24/7 Cryptocurrency News

Altcoin Jumps 40% After Blackrock Announcement, More Spike Soon?

The mention of the EWT token by Blackrock led to an immediate spike in its price, resulting in speculation of further rise.
Published by
Altcoin Jumps 40% After Blackrock Announcement, More Spike Soon?

A passing reference to the EWT token in an important announcement from Blackrock created quite some interest in the cryptocurrency. On Thursday, Blackrock, the world’s largest asset manager, announced a key decision in favor of Bitcoin adoption. But the reference to projects that are exploring renewable energy related Bitcoin mining operations attracted investor interest.

The token is however, not a popular one, with a ranking of 194 based on current market cap as per CoinMarketCap. On Thursday, EWT was ranked 262 before the Blackrock announcement.

Advertisement

What Is EWT Token?

Energy Web Tokens (EWT) are the native utility token of the Energy Web Chain. The tokens are used in the energy web network to pay for gas fees. The Energy Web Chain was purposefully designed for the energy sector. A tech solution developed by the developers allows users to control and manage their electrical systems online. Energy Web is working to provide certification to a group of leading bitcoin miners. The company is exploring different ways of using the accreditation to accelerate the decarbonization of Bitcoin.

The company claims to have built the world’s first public, enterprise-grade blockchain tailored tools suitable for energy sector. Blackrock mentioned Energy Web, referring to its programs to bring greater transparency to sustainable energy usage in bitcoin mining.

“BlackRock is encouraged that organizations such as RMI and Energy Web are developing programs to bring greater transparency to sustainable energy usage in bitcoin mining, and will follow progress around those initiatives.”

Advertisement

Dramatic Price After Announcement

The mention by Blackrock led to an immediate spike in its price, resulting in speculation of further rise. From trading at around $2.66 earlier on Thursday, the EWT token is on a steady price rise trend. As of writing, the token stands at $3.95, up by a staggering 20.36% in the last 24 hours, according to CoinMarketCap. In the space of just six hours, the not so popular token grew in market cap by around $30 million. Earlier on Friday, the token reached a new high of $4.44 compared to $2.66 on Thursday.

Meanwhile, Michal Bacia, an advisor at Energy Web, indicated that Blackrock could utilize its solutions with EWT staking. The proof of green solution through EWT tool suite would be offered in the form of a Software as a Service, he explained.

“Proof of Green solutions like this one for BTC will be offered to enterprise clients like BlackRock as SaaS (Software as a Service) secured with EWT staking.”

Thanks to ‘huge interest’ in cryptocurrencies from some of its institutional clients, Blackrock said it decided to launch the Bitcoin Private Trust. The asset manager said it will explore solutions on how to cost-effectively access crypto assets.

Advertisement

Share
Anvesh Reddy

Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at anvesh@coingape.com or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • 24/7 Cryptocurrency News

Nasdaq-Listed Lion Group to Convert SOL, SUI Holdings Into HYPE

Lion Group Holding Ltd. has revealed plans to convert its Solana and Sui holdings to…

September 8, 2025
  • 24/7 Cryptocurrency News

Bitget Advances Web3 Adoption Push at Catalunya MotoGP

The popular cryptocurrency and Web3 firm Bitget was among the sponsors of the Catalunya Grand…

September 8, 2025
  • 24/7 Cryptocurrency News

WLD Price Surges 20% as Nasdaq-Listed Eightco Unveils First Worldcoin Treasury

Worldcoin’s (WLD) price surged nearly 20% on Monday after Eightco Holdings announced a $250 million…

September 8, 2025
  • 24/7 Cryptocurrency News

Grayscale Files for Chainlink ETF with SEC, LINK Price Rebounds

Grayscale is the second asset manager to file for a Chainlink ETF with the U.S.…

September 8, 2025
  • 24/7 Cryptocurrency News

Tom Lee’s BitMine Adds 202,469 ETH, Boosting Ethereum Treasury to $8.9B

BitMine Immersion has added 202,469 ETH valued at over $873 million, raising its treasury to…

September 8, 2025
  • 24/7 Cryptocurrency News

Breaking: Nasdaq Seeks SEC Approval to List Tokenized Stocks

In a massive development, Nasdaq has filed with the U.S. Securities and Exchange Commission to…

September 8, 2025