‘Opening The Floodgates’—Crypto Braced For A $10 Trillion Earthquake As The Price Of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano And Dogecoin Swing – Forbes
Bitcoin, ethereum and other major cryptocurrencies have struggled to maintain momentum after charging higher through July.
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The bitcoin price, down around 70% from its all-time highs, had begun to rally last month but has since stalled as traders await a Federal Reserve bombshell and a “hundred-pound gorilla gets closer by the day.” The price of other top ten coins ethereum, BNB
Now, BlackRock, the world’s largest asset manager with $10 trillion in assest under management, has partnered with major crypto exchange Coinbase to provide its institutional clients with access to bitcoin.
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The bitcoin price has struggled so far this year, weighing on the price of ethereum, BNB, XRP, … [+]
“This is a huge milestone for the crypto space, as it demonstrates the demand from BlackRock’s
Coinbase, widely regarded as one of the world’s biggest crypto on-ramps, announced this week it would connect to Aladdin, BlackRock’s investment technology platform that handled $21.6 trillion worth of assets in 2020, allowing the global investment industry access to bitcoin, with more cryptocurrencies potentially added later.
“Our institutional clients are increasingly interested in gaining exposure to digital asset markets and are focused on how to efficiently manage the operational lifecycle of these assets,” Joseph Chalom, global head of strategic ecosystem partnerships at BlackRock, said in a statement.
BlackRock’s move into the world of bitcoin and crypto comes after chairman Larry Fink called bitcoin an “index of money laundering” in 2017.
“I think this could be seen as a green light by other funds to enter the crypto space too,” Sotiriou added, pointing to a report that found almost a quarter of fund managers expect to increase exposure to crypto-related assets over 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 almost $70,000 per bitcoin.
“As institutional and retail inflows pick up momentum, I predict that we will see bitcoin hit fresh all-time highs by the end of the year,” Nigel Green, the chief executive of asset manager deVere Group, said in emailed comments. “I would not be surprised for it to hit $70,000, which would surpass the previous all-time high of $68,000 in November 2021.”
“As the infrastructure for institutional investors to place their bets on digital assets grow, so will their involvement in this market,” Mikkel Morch, executive director at Digital Asset Investment Fund ARK36, said via email, adding: “Crypto is simply inevitable at this point.”
The bitcoin price has crashed this year, tanking the wider crypto market and major cryptocurrencies ethereum, BNB, XRP, solana, cardano and dogecoin as the U.S. Federal Reserve battles soaring inflation with a series of historic interest rate hikes and cutting its huge pandemic-era stimulus measures.