Launch of BlackRock Bitcoin Fund Sends BTC Price Towards $25K
Bitcoin (BTC) continued towards $25,000 at the Wall Street open on August 11, amid news that the world’s largest asset manager had launched a BTC product.
Silbert on BlackRock: “Here comes Wall Street”
Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it rose to $24,921 on Bitstamp as US stock trading began.
While continuing to consolidate slightly below the peaks, the pair inspired confidence in market sentiment, with popular crypto industry figures already seeing positive implications of the BlackRock move.
“Here comes Wall Street …,” former Grayscale CEO Barry Silbert, black.
However, for Blockware lead insights analyst William Clemente, the news was a landmark event in Bitcoin’s history.
“Final comment on the matter: Think the Blackrock news is probably the most bullish news for a long-term Bitcoin holder ever,” he told Twitter followers.
“Not just the news itself, but that it signals to some that the water is fine and to others if they don’t offer their customers BTC, they will eat their lunch.”
BlackRock’s CEO, Larry Fink, had described Bitcoin just five years earlier as an “index of money laundering.” He appeared to change his tune by 2020, acknowledging the biggest cryptocurrency’s potential to become a “global market”.
BlackRock’s offering will take the form of a spot Bitcoin private trust, it confirmed in a statement.
“The trust is available to US institutional clients and seeks to track the performance of bitcoin, less expenses and liabilities of the trust,” it said.
“Despite the sharp decline in the digital asset market, we continue to see significant interest from some institutional customers in how we can efficiently and cost-effectively access these assets using our technology and product capabilities.”
As Cointelegraph reported, the firm’s first foray into Bitcoin came this month via a partnership with US exchange Coinbase.
The futures gap in June comes into play
Regarding potential short-term price targets, the mood among commentators was therefore flexible if still not outright bullish.
Related: Bitcoin Battles 2-Month Resistance Amid ‘Most Hated’ Stock Rally
For chain monitoring resource Whalemap, the potential upside and downside were significant, with $20,000 still not safe as a floor.
“$BTC is breaking out of an ascending triangle on low volatility, meaning we should expect a big move soon enough,” Whalemap Team revealed next to a chart showing relevant levels.
“Holding up to the breakout is the number one priority where the realistic targets would be 27-29,000 above or 19,000 below in case we don’t hold.”
Popular Twitter account Altcoin Bets meanwhile added that “as long as we stay above 24,000 daily, we should reach the 28,000 CME gap,” referring to a gap in the CME Bitcoin futures chart, which often acts as a spot price magnet.
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