$8.7 Trillion Asset Manager BlackRock Is Exploring Bitcoin As Institutions Flood Crypto

Glowing dark background with bitcoin symbol.

Rick Rieder, BlackRock’s chief investment officer of global fixed income, told CNBC Wednesday that the investment giant has “started to dabble” in bitcoin—it’s the latest instance of a major financial player dipping its toes into digital assets.

Reider did not elaborate on BlackRock’s cryptocurrency strategy, but last month the investment giant filed documents with the Securities and Exchange Commission showing that it wants to include cash-settled Bitcoin futures as eligible investments for two of its funds.

BlackRock is the world’s largest asset manager—it managed some $8.7 trillion at the end of the fourth quarter.

Rieder told CNBC that he believes bitcoin’s recent rally is gaining momentum in part because of stronger regulations and better technology.

“My sense is the technology has evolved and the regulation has evolved to the point where a number of people find it should be part of the portfolio, so that’s what’s driving the price up,” he said.

Big Number

$51,000. That’s the new record price bitcoin hit early on Wednesday morning. The most popular cryptocurrency started the year with prices around $30,000.

Key Background

A spate of major corporations and financial institutions including MicroStrategy, BNY Mellon, and MasterCard,and PayPal have announced cryptocurrency initiatives this month, and there are reports that a $150 billion investment division at Morgan Stanley is considering investing in bitcoin. A portion of bitcoin’s recent gains are likely attributable to a surprise announcement from Tesla that the electric car maker had invested $1.5 billion into the cryptocurrency and has plans to start accepting it as payment.

Further Reading

BlackRock’s Rick Rieder says the world’s largest asset manager has ‘started to dabble’ in bitcoin (CNBC)

Not Just Tesla: Big Institutions Keep Piling Into Bitcoin As Price Rockets Past $50,000 (Forbes)

Bitcoin Soars To New High After Tesla Says It Invested $1.5 Billion (Forbes)

BlackRock Files To Add Bitcoin Futures To Funds (Forbes)

By: Sarah HansenSarah Hansen

 

 

Source: $8.7 Trillion Asset Manager BlackRock Is Exploring Bitcoin As Institutions Flood Crypto

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Crypto Market Erases $200 Billion In Market Value In 24 Hours; Regulator Warns Investors Could ‘Lose All Their Money’

After a more than 100% surge over the past month, the cryptocurrency market is taking a massive hit Monday as regulators and other experts sound the alarm on bitcoin’s booming rally, but not everyone’s convinced the bearishness is warranted.

Key Facts

As of 10:30 a.m. EST, the value of the cryptocurrency market has tanked to about $900 billion from a high of $1.1 trillion early Sunday morning, according to crypto data firm CoinMarketCap.

The world’s first and largest cryptocurrency, bitcoin, is behind much of the decline, falling 17% over the past 24 hours—wiping out about $125 billion in market value.

Other top tokens are also plunging, with ether, XRP and litecoin down 21%, 16% and 25%, respectively.

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“As with all high-risk, speculative investments, consumers should make sure they understand what they’re investing in,” the United Kingdom’s Financial Conduct Authority, which regulates financials in the country, said Monday, also issuing a stark warning: “If consumers invest in these types of product, they should be prepared to lose all their money.”

The price plunge started Sunday after a report by the United Kingdom’s Sunday Times shed light on the enforcement measures banks, including HSBC, are taking to bar transfers from cryptocurrency exchanges in the country.

Venture capitalist and longtime bitcoin supporter Tim Draper railed against the measures, tweeting early Monday that “banks don’t like bitcoin because it makes them less relevant” before issuing a bullish forecast that bitcoin prices will hit $250,000 by early 2023; bitcoin is currently trading at around $32,750.

Crucial Quote 

“Bitcoin often exhibits large upside swings that tend to be followed by corrections—this is normal behavior for a new technology in the early stage of its adoption curve,” Anatoly Crachilov, the cofounder and CEO of crypto investment manager Nickel Digital, said Monday, adding that the market is positioned for expansion as institutional adoption soars. “Only professional investors with a long-term view on the underlying technology should have exposure to this asset class. They also need high-risk tolerance levels and, importantly, to never lose sight of the forest for the trees.”

Chief Critic

Bank of America Securities Chief Investment Strategist Michael Hartnett warned that bitcoin looks like “the mother of all bubbles,” on Friday, noting that its roughly 1,000% surge since the beginning of 2019 has been fueled by “violent” inflation, akin to the short-lived surges of gold prices in the late 1970s and tech stocks in the late 1990s.

Surprising Fact

Before crashing 80% by the end of 2018, the price of bitcoin, which first launched in January 2009, climbed fifteenfold in 2017 amid a flood of heightened attention and surging mainstream adoption, as retail trading became easier through pioneering bitcoin platforms like brokerage Coinbase.

Key Background

The cryptocurrency market’s massive rally has been fueled in large part by inflation concerns and institutional adoption. Investors have been eyeing regulatory approval of a bitcoin exchange-traded fund, but JPMorgan warned Friday that such a development may actually hurt bitcoin prices in the short term as investors cash out of the Grayscale Bitcoin Trust, an SEC-approved bitcoin price-tracking fund that many have turned to in lieu of an ETF. 

Further Reading

As Bitcoin, Ethereum, Ripple’s XRP And Litecoin Lose Billions, Watchdog Issues Stark Crypto Price Warning (Forbes)

SEC Charges Ripple With Selling $1.3 Billion In Unregistered Securities, XRP Loses $2 Billion In Market Value (Forbes) Follow me on Twitter. Send me a secure tip

Jonathan Ponciano

Jonathan Ponciano

I’m a reporter at Forbes focusing on markets and finance. I graduated from the University of North Carolina at Chapel Hill, where I double-majored in business journalism and economics while working for UNC’s Kenan-Flagler Business School as a marketing and communications assistant. Before Forbes, I spent a summer reporting on the L.A. private sector for Los Angeles Business Journal and wrote about publicly traded North Carolina companies for NC Business News Wire. Reach out at jponciano@forbes.com

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Business News

After a more than 100% surge over the past month, the cryptocurrency market is taking a massive hit Monday as regulators and other experts sound the alarm on bitcoin’s booming rally, but not everyone’s convinced the bearishness is warranted.”Bitcoin often exhibits large upside swings that tend to be followed by corrections–this is normal behavior for a new technology in the early stage of its adoption curve,” Anatoly Crachilov, the cofounder and CEO of crypto investment manager Nickel Digital, said Monday, adding that the market is positioned for expansion as institutional adoption soars.

“Only professional investors with a long-term view on the underlying technology should have exposure to this asset class. They also need high-risk tolerance levels and, importantly, to never lose sight of the forest for the trees.”Bank of America Securities Chief Investment Strategist Michael Hartnett warned that bitcoin looks like “the mother of all bubbles,” on Friday, noting that its roughly 1,000% surge since the beginning of 2019 has been fueled by “violent” inflation, akin to the short-lived surges of gold prices in the late 1970s and tech stocks in the late 1990s. Before crashing 80% by the end of 2018, the price of bitcoin, which first launched in January 2009, climbed 15-fold in 2017 amid a flood of heightened attention and surging mainstream adoption, as retail trading became easier through pioneering bitcoin platforms like brokerage Coinbase.

The cryptocurrency market’s massive rally has been fueled in large part by inflation concerns and institutional adoption. Investors have been eyeing regulatory approval of a bitcoin exchange-traded fund, but JPMorgan warned Friday that such a development may actually hurt bitcoin prices in the short term as investors cash out of the Grayscale Bitcoin Trust, an SEC-approved bitcoin price-tracking fund that investors have turned to in lieu of an ETF. As Bitcoin, Ethereum, Ripple’s XRP And Litecoin Lose Billions, Watchdog Issues Stark Crypto Price Warning (Forbes)SEC Charges Ripple With Selling $1.3 Billion In Unregistered Securities, XRP Loses $2 Billion In Market Value (Forbes) All data is taken from the source: http://forbes.com Article Link: https://www.forbes.com/sites/jonathan…#bitcoin#newsheadlines#cnnnewstoday#newstodaylocal#newstodayabc#newstodaybbc #

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Bitcoin Surpasses $15,000 To Reach Fresh 2020 High

Bitcoin prices extended their recent gains today, continuing to rally and breaking through the $15,000 level to hit a new high for this year.The world’s most prominent digital currency reached $15,306.84 at 11:15 a.m. EST on CoinDesk.

At this point, the cryptocurrency was up close to 10% over roughly the last 24 hours, additional CoinDesk figures reveal.The digital asset has been enjoying a great run this year, climbing more than 200% after falling below $4,000 back in March.

Ed note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment.

Price Drivers

When explaining bitcoin’s latest price movements, analysts pointed to several variables, including uncertainty surrounding the U.S. election.

“Bitcoin has broken through the $15,000 mark,” causing it to reach a multi-year high, said Charles Hayter, cofounder and CEO of digital currency data platform CryptoCompare. Recommended For You

“The surge comes at a time when Europe enters its second lockdown, the dollar continues to weaken and stock markets are rallying on the back of the US presidential election.”John Todaro, director of institutional research for TradeBlock, pointed to similar variables when interpreting bitcoin’s latest gains.

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“Equity markets have likewise risen alongside bitcoin as expectations of increased fiscal stimulus have risen—increased stimulus will devalue the dollar but push up equities and bitcoin as was expected in the event of a Biden win,” he stated.

Joe DiPasquale, CEO of cryptocurrency hedge fund manager BitBull Capital, offered a different point of view, describing bullish sentiment as the main driver of the digital currency’s latest gains.

The Path To $20,000

Now that bitcoin has broken through $15,000, analysts have started eyeing the $20,000 price level, speculating on when the cryptocurrency will reach a fresh, all-time high.Denis Vinokourov, head of research for London-based digital asset firm Bequant, commented on this situation.

“Bitcoin continues to grind ever so higher and, while calls for a re-test of the all-time high continue to grow ever so louder, parabolic price runs are not necessarily what the market needs for growth to be sustainable,” he stated.

“A correction and capital rotation into mid and small-cap assets, at this stage, would prove healthy for the overall marketplace.”“However, given the aforementioned FOMO and growing demand from retail, most signs point to a further squeeze higher,” said Vinokourov.

“Thus, ultimately, all eyes are on the elusive $20,000 price level, with little price discovery data to note any key levels – resistance or otherwise.”

Disclosure: I own some bitcoin, bitcoin cash, litecoin, ether and EOS. Follow me on Twitter or LinkedIn.

Charles Bovaird

 Charles Bovaird

I am a financial writer and editor with strong knowledge of asset markets and investing concepts. Currently, I serve as VP of Content for financial services firm Quantum Economics. I have worked for financial institutions including State Street, Moody’s Analytics and Citizens Commercial Banking. An author of more than 500 publications, my work has appeared in mediums such as New York Post, Washington Post, Fortune, CoinDesk and Investopedia. Previously, I created all the industrial finance training for a company with more than 300 people. I have spoken at industry events across the world and delivered speeches on financial literacy for Mensa and Boston Rotaract. I currently hold Bitcoin, Bitcoin Cash, Litecoin, Ether and EOS.

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Bitcoin Just Painted a ‘Golden Cross’ But Is $10,500 Now Achievable?

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Bitcoin (BTC) price remains in a somewhat neutral zone, caught between two highly consequential paths. For the past week, the top-ranked digital asset on CoinMarketCap has struggled to push above $9,900 in order to attack the $10K mark.

On Tuesday morning Bitcoin made another attempt at $10,000 when the price quickly rallied to $9,900 as some sort of hiccup in the BitMEX trading engine caused the exchange to cut out for nearly an hour. The move didn’t last long and for the remainder of the day, the price remained pinned below $9,800.

Yesterday the mining difficulty rate dropped by 6%, meaning some miners who shut down their operations due to the block reward reduction and current Bitcoin price may also find it easier to mine Bitcoin after the difficulty adjustment.

As mentioned earlier, Bitcoin is currently at a ‘crossing the Rubicon’ moment. Some traders believe that if the asset can rally to $10,200 and close above this level the path forward is bullish, especially if Bitcoin can push through $10,500. Others believe that a drop below the $8,900-$8,550 support zone means prolonged sideways price action is to be expected for the remainder of 2020.

Looking at the daily chart, we can see that Bitcoin continues to make higher lows and remains above the multi-week ascending trendline. Currently, the price continues to tighten in a pennant seen on the 4-hour and 1-hour timeframe.

A strong volume breakout from this pennant should propel the price to $10,200, a point which is also aligned with the top arm of the Bollinger Band indicator.

Does a golden cross mean a bull run is coming?

This week crypto media has given much attention to the impending golden cross between the 50-day and 100-day moving average which is expected to occur within the next few days. Data from Cointelegraph Markets shows this would be the seventh time the moving averages have converged in Bitcoin’s history.

Typically, traders interpret the cross between the moving averages as a bullish signal so as the maneuver comes closer to completion Bitcoin price could see an increase in buying pressure. This is possible more reason to expect the digital asset to break above $10K and test the $10,200 level in the short term.

It should be noted that a golden cross is not always followed by a strong rally. Take the most recent example of the February 19 golden cross which was followed by the catastrophic drop to $3,750 less than a month later on March 13.

BTC USDT 4-hour chart. Source: TradingView

For the short term, traders are watching to see if Bitcoin can breakout from the pennant and overtake the $9,900-$10,000 resistance zone. Volume permitting, a move above $10,071 clears a path for the digital asset to rally to $10,200.

Knocking out the 2020 high at $10,500 would place the price above the long term descending trendline from the $19,800 all-time high, a feat which many traders say would be confirmation of a new bullish cycle starting.

From a bearish point of view, repeated rejection at $9,900 and $10,000 increase the chance that the price will drop to major support levels. A drop below $9,600 could see the price drop to support at $8,900-$8,550 and below this $7,438-7,200.

By

Source: https://cointelegraph.com

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