Bitcoin, Ethereum, and other major cryptocurrencies struggled to maintain momentum after rallying higher through July.
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Bitcoin price, which had fallen around 70% from its all-time highs, had started to recover over the past month but has since stalled as traders wait for a Federal Reserve bombshell and a “hundred-pound gorilla is getting closer by the day”. The price of the other top ten coins Ethereum, BNB BNB, XRP XRP, Solana, Cardano and Dogecoin have also struggled.
Now BlackRock, the world’s largest wealth 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, etc. [+] Solana, Cardano and Dogecoin.
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“This is a major milestone for the crypto space as it demonstrates demand from BlackRock’s BLK clients and institutional investors for access to Bitcoin,” Marcus Sotiriou, an analyst at digital asset broker GlobalBlock, said via email. “BlackRock opens the floodgates for institutions to access Bitcoin.”
Coinbase, widely regarded as one of the world’s largest crypto on-ramps, announced this week that it would be merging with Aladdin, BlackRock’s investment technology platform, which has $21.6 trillion in assets in 2020 -Dollar managed to allow the global investment industry to access Bitcoin with more cryptocurrencies possibly added later.
“Our institutional clients are increasingly interested in gaining exposure to the digital asset markets and are focused on how to efficiently manage the operational lifecycle of these assets,” said Joseph Chalom, BlackRock’s global head of strategic ecosystem partnerships, in a statement .
BlackRock’s entry 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 also be seen as a green light for other funds to enter the crypto space,” Sotiriou added, citing a report in which almost a quarter of fund managers expect exposure to crypto-related assets in the next two years to increase years.
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Bitcoin price has fallen sharply this year along with global stock markets, with the price of… [+] Other major cryptocurrencies Ethereum, BNB, XRP, Solana, Cardano and Dogecoin are also struggling.
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The news has sparked a wave of bitcoin price predictions, with investors claiming that engagement from BlackRock could see bitcoin price return to its all-time highs of nearly $70,000 per bitcoin.
“As institutional and retail inflows gather momentum, I predict Bitcoin will make new all-time highs by the end of the year,” said Nigel Green, the chief executive officer of wealth manager deVere Group, in emailed comments. “I wouldn’t be surprised if it hits $70,000, beating the previous all-time high of $68,000 set in November 2021.”
“As the infrastructure for institutional investors to place their bets on digital assets grows, so will their exposure to this market,” Mikkel Morch, executive director of digital asset investment fund ARK36, said via email, adding : “Crypto is just inevitable at this point.”
Bitcoin price has plummeted this year, dragging down the broader crypto market and major cryptocurrencies Ethereum, BNB, XRP, Solana, Cardano and Dogecoin as the Federal Reserve battles rising inflation and its inflation with a series of historic rate hikes huge pandemic era ends stimulus measures.