Sarah Tran
Independent Analyst
- 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.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC’s Q3 close and what to expect in Q4?
Bitcoin price is trading above two crucial levels, suggesting a stable foothold. Combining this outlook with a bullish divergence signal, BTC holders should expect a favorable outcome. However, since the third quarter will end in a few hours, there is bound to be abnormal volatility in the market, which could trigger massive moves in either direction, so investors need to be cautious.
Shiba Inu price: Shiba Eternity download day the biggest bullish catalyst in SHIB history?
Shytoshi Kusama, the project lead for Shiba Inu, has dropped a teaser about Shiba Eternity for the SHIB community. Proponents expect the launch of the collectible card game to be a bullish catalyst for SHIB.
Staking is coming to Chainlink this December as LINK price stands firm
-637336005550289133_XtraSmall.jpg)
LINK is trying to find its feet in the wake of declines that followed its rejection from resistance at $8.40. Bulls have managed to sustain a generally up-trending market and Chainlink is up nearly 17.50% from its September low at $6.56.
Ethereum Classic bulls take charge, a retest of $30 on the cards
Ethereum Classic price ranges with no directional bias in sight. This trend could continue unless Bitcoin decides to do something. Regardless, investors should prepare for a minor downtrend before ETC rallies.
Bitcoin: BTC’s Q3 close and what to expect in Q4?
Bitcoin price has developed a bullish divergence with RSI, hinting at more upside. Despite the optimistic technicals, investors should expect volatile swings before the end of the third quarter of 2022.