‘Opening the Floodgates’—Crypto Geared for $10 Trillion Earthquake as Bitcoin, Ethereum, BNB, XRP, Solana, Cardano and Dogecoin Price Swing
Bitcoin, ethereum and other major cryptocurrencies have struggled to maintain momentum after charging higher through July.
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Bitcoin prices, down about 70% from all-time highs, had started to rise last month but have since stalled as traders await a Federal Reserve bombshell and a “hundred pound gorilla getting closer every day.” The price of other top ten coins ethereum, BNB
Now BlackRock, the world’s largest asset manager with $10 trillion in assets under management, has partnered with major crypto exchange Coinbase to give its institutional clients access to bitcoin.
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Bitcoin price has struggled so far this year, weighing on the price of ethereum, BNB, XRP, … [+]
“This is a major milestone for the crypto space as it demonstrates the demand from BlackRocks
Coinbase, considered one of the world’s largest crypto-ramps, announced this week that it would connect with Aladdin, BlackRock’s investment technology platform that managed $21.6 trillion in assets in 2020, giving the global investment industry access to bitcoin, with several cryptocurrencies . potentially added later.
“Our institutional clients are increasingly interested in gaining exposure to digital asset markets and are focused on how to effectively manage the operational lifecycle of these assets,” said Joseph Chalom, global head of strategic ecosystem partnerships at BlackRock, in a statement.
BlackRock’s move into the world of bitcoin and crypto comes after chairman Larry Fink called bitcoin a “money laundering index” in 2017.
“I think this could be seen as a green light by other funds to enter the crypto space as well,” Sotiriou added, pointing to a report that found nearly a quarter of fund managers expect to increase their exposure to crypto-related assets during the next two years.
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The Bitcoin price has fallen sharply this year along with global stock markets, with the price of … [+]
The news has sparked a wave of bitcoin price predictions, with investors claiming BlackRock exposure could see the bitcoin price return to its all-time highs of nearly $70,000 per bitcoin.
“As institutional and retail inflows pick up, I predict we will see Bitcoin hit new records by the end of the year,” Nigel Green, CEO of asset manager deVere Group, said in an emailed statement. “I wouldn’t be surprised if it reached $70,000, which would surpass the previous all-time high of $68,000 in November 2021.”
“As the infrastructure for institutional investors to invest in digital assets grows, so will their involvement in this market,” Mikkel Morch, CEO of Digital Asset Investment Fund ARK36, said via email, adding: “Crypto is simply unavoidable at this point.”
The price of Bitcoin has crashed this year, deflating the broader crypto market and major cryptocurrencies ethereum, BNB, XRP, solana, cardano and dogecoin as the US Federal Reserve battles soaring inflation with a series of historic rate hikes and tapering off its massive pandemic era. stimulating measures.
