bitcoin btc, ethereum and other major cryptocurrencies have seen a big change in sentiment in recent weeks with prices on the rise (despite a tesla pump and elon musk revealing the cryptocurrency it “mostly” supports).
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Bitcoin price is up around 20% since this time last month, and ethereum has made even bigger gains as analysts warn a “hundred pound gorilla” is “closer every day”. The price of other major cryptocurrencies, including ethereum, bnb bnb bnb, xrp xrp xrp, solana, cardano, and dogecoin, have also recovered from their recent lows.
Now, after the world’s largest asset manager shocked the cryptocurrency industry last week, blackrock has suddenly launched a bitcoin private trust, opening up the bitcoin and cryptocurrency market to the asset manager of $ 10 billion us uu. institutional clients.
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wall street and the traditional financial industry are preparing to enter the bitcoin and cryptocurrency market, helping the price of ethereum, bnb, xrp, solana, cardano and dogecoin skyrocket.
“Despite the sharp downturn in the digital asset market, we are still seeing strong interest from some institutional clients in how to efficiently and profitably access these assets using our technology and product capabilities,” he wrote. blackrock blk in a blog post. just days after igniting the cryptocurrency market with the news of its partnership with the leading cryptocurrency exchange base to provide blackrock’s institutional clients with access to bitcoin.
despite a flood of bullish news and huge bitcoin, ethereum and cryptocurrency price predictions pointing to the “fair value” of bitcoin, the cryptocurrency market is still recovering from a $2 trillion crash that has undermined investor confidence and fueled fears that some major cryptocurrencies could follow the terrausd algorithmic stablecoin and its support coin luna to total collapse.
“Bitcoin demand among wall street power players has effectively decoupled from prices in the broader crypto markets,” Alex Adelman, CEO of bitcoin rewards app Lolli, said in emailed comments. and signaled “a new phase of adoption”. “
“This relentless interest in bitcoin by blackrock and its sophisticated institutional clients, even amid a broader crypto market downturn, reflects an enhanced and nuanced understanding of bitcoin’s long-term global importance among players market movers on wall street, adelman added.
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the price of bitcoin has surged this past month, rising over $24,000 per bitcoin and helping the price of ethereum, bnb, xrp, solana, cardano and dogecoin skyrocket.
blackrock’s launch of a bitcoin private trust means it will compete directly with grayscale digital asset manager, the world’s largest cryptocurrency investment vehicle, and follows news that other stalwarts of wall street are increasingly open to offering access to the cryptocurrency and bitcoin market.
“the message [blackrock has sent] to other institutions cannot be understated and is an important milestone for the entire crypto industry,” wrote marcus sotiriou, an analyst at digital asset broker globalblock, in an emailed note electronic.
last month, london-listed asset manager schroders acquired a minority stake in blockchain and digital assets forteus, the asset management arm of swiss firm numeus group, in a move that could allow it to offer tokenized funds to investors.