- A recent report revealed that BlackRock may soon offer crypto trading services to its institutional clients.
- The investment firm recently filed for a blockchain and technology ETF with the SEC.
- Global fixed income CIO at BlackRock believes that Bitcoin price could go up “significantly.”
Multinational investment firm BlackRock is set to introduce a new cryptocurrency trading service, according to a recent report. The asset manager, with $10 trillion in assets under management allowed two of its funds to gain exposure to Bitcoin futures last year.
BlackRock to soon offer crypto trading to institutional clients
According to a recent report by CoinDesk, BlackRock will soon enable its institutional clients to trade cryptocurrencies through the asset manager’s flagship Aladdin platform, used for managing trillions of dollars in assets.
A source familiar with the matter revealed that the firm is aiming to get more involved with crypto and that it is “looking for providers in space.”
However, BlackRock declined to comment and there was no indication on when the service may be introduced. Despite the lack of confirmation, the investment management firm has previously paid attention to cryptocurrencies.
In January 2021, the investment management corporation allowed two of its funds to gain exposure to Bitcoin futures. A month later, Rick Rieder, the global fixed income CIO stated that the firm has started “dabbling” in the leading cryptocurrency.
Rieder further predicted that Bitcoin price could go up “significantly” in the future, praising the bellwether digital asset for its durability, which could potentially replace gold “to a large extent.”
Larry Fink, BlackRock CEO said that he believes that cryptocurrencies could be transformed into a “great asset class” after he predicted that cryptos could potentially pose a threat to the US dollar’s hegemony.
According to a recent filing with the United States Securities & Exchange Commission (SEC), BlackRock is also planning to launch a blockchain and technology exchange-traded fund (ETF), tapping into the world of decentralized finance.
Bitcoin price steadies ahead
Bitcoin price has formed an ascending parallel channel on the 4-hour chart, suggesting that an uptrend is likely to be sustained for the bellwether cryptocurrency.
If buying pressure continues to increase, Bitcoin price may aim to tag the 61.8% Fibonacci retracement level at $45,154. Bigger aspirations may target the upper boundary of the governing technical pattern at $46,822.
BTC/USDT 4-hour chart
However, if a spike in sell orders occurs, the first line of defense for Bitcoin price is at the 21 four-hour Simple Moving Average (SMA) at $43,467, before dropping toward the middle boundary of the prevailing chart pattern at $43,016, coinciding with the 50% retracement level.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Why LUNA traders do not have to be in the market all the time
Terra (LUNA) price action has slipped below a critical level outlined a few days ago. As price action moves start to get smaller, a big move is set to happen, but it is very cloudy to see where that move will be going.
SEC vs. Ripple case, two key decisions awaited by XRP holders
XRP holders are awaiting key decisions in the SEC vs. Ripple case. Experts believe judge Sarah Netburn could rule on the two key decisions in the lawsuit against payment giant Ripple.
MATIC price explodes as Polygon achieves Carbon neutrality
MATIC’s purchase of carbon credits through KlimaDAO partnership represented 104,794 tonnes of greenhouse gasses, equivalent to the Ethereum scaling solution’s debt since 2019. Carbon neutrality has fueled a bullish sentiment among traders and
Things have suddenly changed for the Shiba Inu price, is the bottom in?
Shiba Inu price may have bottomed but this can only be confirmed if the current rally persists. Traders should be aware of several factors. Shiba Inu price has suddenly changed as the bulls have printed a significantly large bullish engulfing candle on the daily chart.
Bitcoin: Everything you need to know about BTC 200-week MA
Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.