Bitcoin

BlackRock approaches the crown of the world’s largest bitcoin fund

Published

8 months ago

14 May, 2024

BlackRock approaches the crown of the world's largest bitcoin fund

Unlock Editor’s Digest for free

BlackRock is closing in on the crown of managing the world’s largest bitcoin fund as the asset manager’s initial skepticism toward cryptocurrencies gives way to ambitions to become a significant player in the digital asset market.

The position of the North American group Bitcoin The exchange-traded fund has accumulated $16.7 billion in assets since it launched four months ago, putting it less than $1 billion behind market leader Grayscale, which had a 10-year head start and U.S. $28 billion.

Beside this Black stone also launched the fastest-growing tokenized Treasury fund, which crypto hedge funds and market makers are starting to use as collateral for trading coins and tokens.

The measures represent a drastic change, driven by growing customer interest and the rapid growth of digital assets, from just seven years ago, when Chief Executive Larry Fink called bitcoin “an index of money laundering.”

At the launch of the spot ETF in January, Fink described he himself considered himself “very optimistic about the long-term viability of bitcoin” and said that its fundamentals were a crucial part of the “technological revolution in the financial market”.

“BlackRock has always served the interests of its clients, so why should crypto be any different?” said Lee Reiners, professor at the Duke Financial Economics Center. “That doesn’t mean they are true believers. Crypto is not on your balance sheet and if crypto goes to zero, the impact on your finances will be negligible.”

The asset manager was the biggest beneficiary of the Securities and Exchange Commission’s decision in January to approve ETFs who invest directly in bitcoin, after rejecting them for years.

Digital Asset Dashboard

Click here for real-time data on crypto prices and insights

Fidelity trailed behind in third place, attracting $9.3 billion in assets. The pair were helped by large exits at Grayscale, which converted a previous Bitcoin product into an ETF and charged a much higher management fee of 1.5%. BlackRock charges 0.25%.

It also contrasts with the approach taken by some of BlackRock’s biggest rivals. Vanguard – like ETF giant BlackRock – has not only chosen not to launch a bitcoin ETF, but has also refused to sell any third-party bitcoin funds to its brokerage clients.

BlackRock’s growing confidence in the digital asset market is also highlighted by its support of Securitize, joining Tradeweb and Hamilton Lane in a $47 million fundraising round for the platform, which uses digital tokens to represent active. BlackRock’s global head of strategic ecosystem partnerships, Joseph Chalom, now sits on Securitize’s board.

Two years ago, BlackRock made a minority investment in Circle, which runs the world’s second-largest stablecoin, USDC. A stablecoin is a type of digital currency pegged to a sovereign currency, such as the US dollar.

“It’s all coming together now, but I hope it’s understood that it’s been a multi-year, very deliberate journey to bring the same institutional quality that sets BlackRock apart to this ecosystem, and for us that’s more important than rushing,” Rob Goldstein, chief operating officer of BlackRock told the Financial Times.

Still, BlackRock’s arrival in other parts of the crypto market has energized investors. In March, it launched a tokenized Treasury fund on a public blockchain, ethereum, allowing all users to track trades on a digital ledger.

The BlackRock USD Institutional Digital Liquidity fund, or Buidl, has already surpassed rival Franklin Templeton’s tokenized fund as the market’s largest, attracting $382 million compared to Franklin’s $368 million.

Traders and prime brokers have started using Buidl as a way to obtain high-quality collateral for cryptocurrency trading. Most use stablecoins like Tether’s USDC or USDT, but they do not offer yield to holders, unlike Buidl.

But others say BlackRock’s long-term bet is to speed up the settlement of trades and the transfer of its funds, making it more attractive to investors who want immediate access to their money.

The asset manager had previously tested tokenization using a private JPMorgan blockchain to track assets and transactions involving a specific money market fund, said Robert Mitchnick, head of digital assets at BlackRock. This private blockchain product helped lay the foundation for Buidl.

“This work was extremely important. . . We believe the biggest opportunity in this space was around public blockchains,” said Mitchnick.

At the end of the month, the US will begin demanding that the vast majority of negotiations settle within one business day But executives doubt further progress can be made for investors until large parts of the financial system are placed on blockchains, which can resolve trades in a matter of minutes.

“There will come a point where the current technological setup won’t work,” said Ralf Kubli, board member of the Casper Association, a Swiss-based blockchain project.

Large asset managers around the world were “thinking deeply about what this technology can do for them,” he added.

Click here to visit the digital assets dashboard

Video: Bitcoin mines can be used for energy storage | FT Technology

Fuente

Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

Fuente

Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

Fuente

Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

Don’t miss a beat – Subscribe to receive email alerts directly to your inbox

To check Price action

Surf Hodl’s Daily Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be aware that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Image generated: DALLE3

Fuente

Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

Source: TradingView SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive $600 welcome offer on Binance (Full details).

LIMITED OFFER 2024 on BYDFi Exchange: Welcome Reward Up to $2,888, use this link to register and open a 100 USDT-M position for free!

Disclaimer: The information found on CryptoPotato is that of the writers quoted. It does not represent the opinions of CryptoPotato about buying, selling, or holding any investments. It is advised that you conduct your own research before making any investment decisions. Use the information provided at your own risk. See Disclaimer for more information.

Cryptocurrency Charts by TradingView.

Fuente