‘Opening The Floodgates’—Crypto Braced For A $10 Trillion Earthquake As The Price Of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano And Dogecoin Swing

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Bit­coin, ethereum and oth­er major cryp­tocur­renices 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
BNB
, XRP
XRP
, solana, car­dano and doge­coin have also struggled. 

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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MORE FROM FORBES’A Pos­i­tive Catalyst’-Bitcoin Price Now Poised For A Huge $180 Bil­lion Fed Bomb­shell

“This is a huge mile­stone for the cryp­to space, as it demon­strates the demand from BlackRock’s
BLK
clients and insti­tu­tion­al investors to access bit­coin,” Mar­cus Sotiri­ou, ana­lyst with dig­i­tal asset bro­ker Glob­al­Block, said via email. 

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 cryp­tocur­renices 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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MORE FROM FORBES’Ex­clu­sive’ Over­sight-Sen­ate Intro­duces A Rad­i­cal Cryp­to Bill As Price Of Bit­coin, Ethereum, BNB, XRP, Solana, Car­dano And Doge­coin Swing

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.

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