BlackRock Bitcoin fund launch sends BTC price towards $25K

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Bit­coin (BTC) con­tin­ued toward $25,000 on the Aug. 11 Wall Street open amid news that the world’s largest asset man­ag­er had launched a BTC product.

BTC/USD 1‑hour can­dle chart (Bit­stamp). Source: TradingView

Silbert on BlackRock: “Here comes Wall Street”

Data from Coin­tele­graph Mar­kets Pro and Trad­ingView fol­lowed BTC/USD as it spike to $24,921 on Bit­stamp as Unit­ed States stocks trad­ing got underway.

While going on to con­sol­i­date slight­ly below the highs, the pair inspired con­fi­dence in mar­ket sen­ti­ment, with pop­u­lar cryp­to indus­try fig­ures already see­ing pos­i­tive impli­ca­tions of the Black­Rock move.

“Here comes Wall Street…,” for­mer Grayscale CEO, Bar­ry Sil­bert, respond­ed.

For Block­ware lead insights ana­lyst, William Clemente, how­ev­er, the news was a land­mark event in Bit­coin’s history.

“Last com­ment on the mat­ter: Think the Black­rock news is prob­a­bly the most bull­ish news for a long term Bit­coin hold­er ever,” he told Twit­ter followers. 

“Not just the news itself, but that it sig­nals to some the water is fine and to oth­ers if they don’t offer their clients BTC they’ll get their lunch ate.”

Black­Rock­’s CEO, Lar­ry Fink, had described Bit­coin just five years ear­li­er as an “index of mon­ey laun­der­ing.” He had appeared to change his tune by 2020, acknowl­edg­ing the largest cryp­tocur­ren­cy’s poten­tial to become a “glob­al market.”

Black­Rock­’s offer­ing would take the form of a spot Bit­coin pri­vate trust, it con­firmed in a statement.

“The trust is avail­able to U.S. insti­tu­tion­al clients and seeks to track the per­for­mance of bit­coin, less expens­es and lia­bil­i­ties of the trust,” it read. 

“Despite the steep down­turn in the dig­i­tal asset mar­ket, we are still see­ing sub­stan­tial inter­est from some insti­tu­tion­al clients in how to effi­cient­ly and cost-effec­tive­ly access these assets using our tech­nol­o­gy and prod­uct capabilities.”

As Coin­tele­graph report­ed, the fir­m’s ini­tial for­ay into Bit­coin this month came via a part­ner­ship with U.S. exchange Coinbase.

June futures gap comes into play

Turn­ing to poten­tial short-term price tar­gets, the mood among com­men­ta­tors was thus flex­i­ble if still not out­right bullish.

Relat­ed: Bit­coin bat­tles 2‑month resis­tance amid ‘most hat­ed’ stocks rally

For on-chain mon­i­tor­ing resource Whalemap, poten­tial upside and down­side remained con­sid­er­able, with $20,000 still not safe as a floor.

“$BTC is break­ing out of an ascend­ing tri­an­gle on low volatil­i­ty mean­ing we should be expect­ing a big move soon enough,” the Whalemap team revealed along­side a chart show­ing rel­e­vant levels. 

“Hold­ing up to the break out is the num­ber one pri­or­i­ty where the real­is­tic tar­gets would be 27–29k above or 19k below in case we don’t hold.”

Bit­coin lev­els anno­tat­ed chart. Source: Whalemap/ Twitter

Pop­u­lar Twit­ter account Alt­coin Bets mean­while added that “as long as we stay above 24k on dai­ly, we should reach for 28k CME gap,” refer­ring to a void in the CME Bit­coin futures chart, which often acts as a spot price magnet.

CME Bit­coin futures 1‑day can­dle chart with near­est “gap” high­light­ed. Source: TradingView

The views and opin­ions expressed here are sole­ly those of the author and do not nec­es­sar­i­ly reflect the views of Cointelegraph.com. Every invest­ment and trad­ing move involves risk, you should con­duct your own research when mak­ing a decision. 



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