Home Markets A Huge $10 Trillion Crypto Game Changer Is Closer Than You Think – Suddenly Boosting the Price of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano, and Dogecoin

A Huge $10 Trillion Crypto Game Changer Is Closer Than You Think – Suddenly Boosting the Price of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano, and Dogecoin

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A Huge $10 Trillion Crypto Game Changer Is Closer Than You Think – Suddenly Boosting the Price of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano, and Dogecoin

Bitcoin
BTC
Ethereum and other major cryptocurrencies have seen a huge shift in sentiment over the past few weeks with rising prices (despite a Tesla bomb and Elon Musk revealing the cryptocurrency he “mainly” backs).

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The price of bitcoin is up around 20% since this time last month, with Ethereum making even bigger gains, analysts are warning. a “hundred-pound gorilla” is “getting closer every day”. The price of other major cryptocurrencies including Ethereum, BNB
BNB
XRP
XRP
solana, cardano and dogecoin – have also rebounded from their recent lows.

Now, after the world’s largest asset manager sent shockwaves through the crypto industry last weekBlackRock has suddenly launched a private cash bitcoin trust, opening up the bitcoin and crypto market to US institutional clients of the $10 trillion asset manager.

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“Despite the sharp decline in the digital asset market, we are still seeing substantial interest from some institutional clients in how to efficiently and cost-effectively access these assets using our technology and product capabilities,” said said BlackRock.
noir
written in a blog post just days after igniting the crypto market with news of its partnership with major crypto exchange Coinbase to provide BlackRock’s institutional clients with access to bitcoin.

Despite a flood of bullish news and huge price predictions for bitcoin, etheruem, and crypto that point to bitcoin’s “fair value” the crypto market is still reeling from a $2 trillion crash that undermined investor confidence and fueled fears some major cryptocurrencies may follow the algorithmic stablecoin terraUSD and its backer coin luna into a complete meltdown.

“Demand for bitcoin among the power players on Wall Street has effectively decoupled from prices in the broader crypto markets,” said Alex Adelman, managing director of bitcoin rewards app Lolli, in comments by e -mail and pointing to “a new phase of adoption”.

“This unwavering interest in bitcoin from BlackRock and its sophisticated institutional clients, even amid a downturn in the broader crypto market, reflects an increased and nuanced understanding of bitcoin’s global and long-term importance among market participants on Wall Street,” Adelman added. .

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BlackRock’s launch of a bitcoin private trust potentially means it will directly compete with digital asset manager Grayscale, the world’s largest cryptocurrency investment vehicle, and comes on the heels of news about Other Wall Street stalwarts are increasingly open to offering bitcoin and crypto market access.

“The message that [BlackRock has sent] to other institutions cannot be underestimated and is a milestone for the entire crypto industry,” Marcus Sotiriou, an analyst at digital asset broker GlobalBlock, wrote in a mailed note. electronic.

Last month, London-listed $900 billion asset manager Schroders acquired a minority stake in blockchain and digital assets Forteus, the asset management arm of Swiss firm Numeus Group, in the part of a move that could allow it to offer token funds to investors.

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