Bitcoin up – BlackRock will invest in cryptocurrencies!
A few hours ago, the investment giant BlackRock announced its interest in the cryptocurrency market. This news pleased investors and the cryptocurrency market reacted with price increases. There are high hopes for institutional investors entering this market. It’s a very good news!
BlackRock company interested in Bitcoin
On July 16, the Financial News portal announced that the world’s largest ETF provider – BlackRock is interested in the possibilities of investment in Bitcoin. BlackRock announced the creation of a working group to assess potential involvement in Bitcoin.
It is worth mentioning here that this huge company manages assets worth USD 6.3 trillion. BlackRock was founded in 1988. It owns shares in the largest banks and other large companies. It also invests in other markets, such as bond, commodity and hedge funds. Their main activity is to manage the finances of other investors. The company is also a supplier of financial instruments, among which ETFs are the most popular.
Cryptocurrency prices go up!
In the last days, one could notice a clear deceleration in the BTC / USD (Bitcoin) rate. The price has managed to break the Overbalance system, which may be a signal to reverse the trend, or at least a larger upward correction.
Regarding the technical situation, in addition to breaking the OB system, the course managed to overcome the upper limit of the inheritance channel. At the moment, the key resistance is the level of $ 6,800, if it breaks, you should expect acceleration of upward movement.
Encouragement for institutional investors
Positive news about BlackRock’s interest in the cryptocurrency market increases the hope that institutional investors will increase their involvement in this market. Until now, they were rather afraid of him, mainly for reasons related to regulation and security.
Recently, CNBC adviser Ran Neuner expressed a courageous statement that the bull rally on the crypto market in 2017 was just a “warm-up” before something bigger. It involves high hopes for increases in the cryptocurrency market due to the involvement of institutional investors.
The cryptocurrency market is waiting for NEW
It is worth mentioning that the cryptocurrency market is trying to meet the expectations of institutional investors more and more. An example is the Coinbase cryptocut exchange, which recently offers services dedicated to institutional investors. Coinbase estimates that such investors could invest about 10 billion dollars, which until now remained unused by them.
Below is a comment from CoinDesk::
“BTC’s rally from the two-week low of $6,080, hit on Thursday, to today’s high of $6,771 has established a higher low (bullish pattern) on the daily chart. Further, the relative strength index (RSI) has moved above 50.00 (in bullish territory) and the short-term moving averages (5-day, 10-day) are beginning to rise in favor of the bulls.”
Chris Yoo, portfolio manager at Black Square Capital said:
“BlackRock exploring crypto assets comes as no surprise and is definitely a positive development for the crypto market. As the largest asset manager in the world, its interest in crypto assets could be a catalyst for upward price movement and encourage other asset managers, even with more conservative strategies, to seriously explore investing in the crypto space,”