Bitcoin has surged past $62,000 following the Federal Reserve's unexpected interest rate cut, which is expected to boost the crypto market. BlackRock has emphasized Bitcoin's value as a hedge against U.S. debt concerns, given the growing $35 trillion debt pile. The asset manager has launched successful Bitcoin ETFs and released a comprehensive report outlining Bitcoin's unique attributes like limited supply and decentralization. Analysts highlight Bitcoin’s potential role in diversifying portfolios and its detachment from traditional asset classes. However, allegations of market manipulation involving Bitcoin IOUs and large-scale sell-offs by miners have raised concerns. These issues underscore the ongoing debate about the stability and sustainability of Bitcoin's market dynamics.