“Open Floodgates” – Cryptocurrency Prepares for $10 Trillion USD Earthquake as Bitcoin, Ethereum, BNB, XRP, Solana, Cardano and Dogecoin Swing

Bitcoin, Ethereum and other major cryptocurrencies struggled to maintain momentum after rallying during the month of July.

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The price of Bitcoin, which is down nearly 70% from its all-time highs, started rising last month but has since stalled as traders wait for the Fed to explode and “a hundred pound gorilla is getting closer by the day.” The other top ten coins such as Ethereum, BNB BNB, XRP XRP, solana, cardano and dogecoin also suffered.

Now, BlackRock, the world’s largest asset manager with $10 trillion in assets under management, has partnered with crypto exchange Coinbase to provide its institutional clients with access to bitcoin.

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More FORBES’A Positive Catalyst’ Bitcoin Price Is Now Ready For Huge $180 Billion Fed Bomb

Bitcoin price has struggled so far this year, affecting the price of Ethereum, BNB, XRP,… [+] Solana, Cardano and Dogecoin.

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“This is a major breakthrough in the crypto space, demonstrating the demand from BlackRock’s BLK clients and institutional investors for access to bitcoin,” Marcus Sotiero, analyst at digital asset broker GlobalBlock, said by email.

Coinbase, widely viewed as one of the world’s largest cryptocurrency platforms, announced this week that it will contact Aladdin, BlackRock’s investment technology platform that handled $21.6 trillion in assets in 2020, allowing the global investment industry to access Bitcoin, with more cryptocurrencies. Possibly added at a later time.

“Our institutional clients are increasingly interested in gaining exposure to the digital asset markets and are focused on how to efficiently manage the operational lifecycle of these assets,” Joseph Shalom, Global Head of Strategic Ecosystem Partnerships at BlackRock, said in a statement.

BlackRock’s move into the world of bitcoin and cryptocurrency comes after Chairman Larry Fink called bitcoin a “money laundering indicator” in 2017.

“I think this could be seen as a green light by other funds to enter the crypto space as well,” Soterio added, referring to a report that found that nearly a quarter of fund managers expect exposure to crypto-related assets to increase over the next two years. Years.

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More FORBES ‘Exclusive’ Senate Introduces Radical Crypto Bill as Bitcoin, Ethereum, BNB, XRP, Solana, Cardano and Dogecoin Swing

The price of bitcoin has fallen sharply this year along with global stock markets, with the price of… [+] Other major cryptocurrencies such as Ethereum, BNB, XRP, solana, cardano and dogecoin are also struggling.

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The news sparked a flurry of bitcoin price predictions, as investors claimed that exposure to BlackRock could lead to a return of bitcoin’s price to all-time highs of $70,000 per bitcoin.

“With institutional and retail flows gaining momentum, I expect we will see bitcoin reach all-time highs by the end of the year,” Nigel Green, CEO of De Vere Group Asset Manager, said in comments via email. “I wouldn’t be surprised if it hits $70,000, which would break the previous all-time high of $68,000 in November 2021.”

“As the infrastructure for institutional investors to place their bets on digital assets grows, so will their participation in this market,” said Michael Morsch, CEO at Digital Asset Investment Fund AR K36, via email, adding: “Crypto is simply inevitable” when this point.”

The price of bitcoin has collapsed this year, sending the broader crypto market down and major cryptocurrencies like Ethereum, BNB, XRP, solana, cardano and dogecoin crashing while the US Federal Reserve battles high inflation with a series of historic interest rate hikes and massive pandemic-era cuts. stimulus measures.

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