BlackRock Bitcoin ETF incoming
8/12/2022, 05:43 AM
The recent news that BlackRock, the world's largest wealth manager, is launching a product that will allow institutional investors to trade bitcoin has sent the price of the digital currency soaring.
BTC briefly went over USD 24,900 as soon as the US stock exchange opened, before consolidating slightly below the highs. This news has been seen as a positive development by many analysts and commentators, who see it as a sign that Wall Street is finally beginning to take bitcoin seriously.
William Clemente, Blackware's Lead Insights Analyst, has called the news a milestone in the history of bitcoin. He argues that it is the most bullish news for long-term hodlers of the currency. BlackRock CEO Larry Fink, who five years ago called bitcoin an index of money laundering, has seemingly changed his mind and now recognizes its potential to become a global market.
The BlackRock product that is being launched is a spot bitcoin private trust, which is available to US institutional investors. The trust seeks to track the performance of bitcoin minus the trust's costs and liabilities. BlackRock says that there is still significant interest from institutional investors in digital assets, despite the sharp downturn in the market.
Analysts are divided on what the short-term price target for bitcoin should be. Whalemap has said that the $20,000 floor is still not safe and that a big move is expected soon. Altcoin Bets, meanwhile, has said that as long as BTC holds above USD 24,000, a CME gap should be filled to USD 28,000.
BTC briefly went over USD 24,900 as soon as the US stock exchange opened, before consolidating slightly below the highs. This news has been seen as a positive development by many analysts and commentators, who see it as a sign that Wall Street is finally beginning to take bitcoin seriously.William Clemente, Blackware's Lead Insights Analyst, has called the news a milestone in the history of bitcoin. He argues that it is the most bullish news for long-term hodlers of the currency. BlackRock CEO Larry Fink, who five years ago called bitcoin an index of money laundering, has seemingly changed his mind and now recognizes its potential to become a global market.
Bitcoin is the oldest, largest and most liquid crypto asset and is currently the main interest of our clients in the crypto asset space- BlackRock
The BlackRock product that is being launched is a spot bitcoin private trust, which is available to US institutional investors. The trust seeks to track the performance of bitcoin minus the trust's costs and liabilities. BlackRock says that there is still significant interest from institutional investors in digital assets, despite the sharp downturn in the market.
Analysts are divided on what the short-term price target for bitcoin should be. Whalemap has said that the $20,000 floor is still not safe and that a big move is expected soon. Altcoin Bets, meanwhile, has said that as long as BTC holds above USD 24,000, a CME gap should be filled to USD 28,000.