Bitcoin (BTC) continued to advance towards $25,000 at the open on Wall Street on August 11, amid news that the world’s largest asset manager had launched a BTC product.
Silbert on BlackRock: “Here comes Wall Street”
Data from Cointelegraph Markets Pro and TradingView tracked the BTC/USD pair as it rose to $24,921 on Bitstamp as trading began in the United States.
Although consolidating slightly below the highs, the pair inspired confidence in market sentiment, with popular crypto industry figures already seeing positive implications from BlackRock’s move.
“Here comes Wall Street…”, answered former Grayscale CEO Barry Silbert.
For top Blockware analyst William Clemente, however, the news was a major event in Bitcoin history.
“Not just the news itself, but it signals to some that the waters are fine and to others that if they don’t offer their clients BTC, they won’t be able to reach potential profits.”
BlackRock’s CEO, Larry Fink had described Bitcoin just five years earlier as a “money laundering index.” He had seemed to change his tune in 2020, acknowledging the potential for the largest cryptocurrency to become a “global market.”
BlackRock’s offering would take the form of a private Bitcoin spot trust, it confirmed in a statement.
“The trust is available to institutional clients in the United States and seeks to track the performance of bitcoin, less expenses and liabilities of the trust”it reads.
“Despite the sharp decline in the digital asset market, we continue to see substantial interest from some institutional clients in how to efficiently and profitably access these assets using our technology and product capabilities.”
As Cointelegraph reported, the company’s initial foray into Bitcoin this month came through a partnership with US exchange Coinbase.
June futures gap comes into play
As for potential near-term price targets, commentators’ mood was flexible, if not entirely bullish.
For the Whalemap on-chain monitoring resource, the upside and downside potential was still considerable, with $20,000 not yet secure as a floor.
The Whalemap team revealed that “$BTC is breaking out of an ascending triangle with low volatility, which means we should expect a big move very soon”along with a graph showing the relevant levels.
“Holding to breakout is priority number one, where realistic targets would be $27,000-29,000 over or $19,000 under should we not hold out.”
The popular Altcoin Bets Twitter account, meanwhile, added that “as long as we stay above 24,000 on the daily, we should hit the 28,000 CME gap,” referring to a gap in the CME Bitcoin futures chart, which often acts as a magnet for price cash.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should do your own research when making a decision.
Investments in crypto assets are not regulated. They may not be suitable for retail investors and the full amount invested may be lost. The services or products offered are not aimed at or accessible to investors in Spain.