For several days now, positive headlines and exorbitant Bitcoin forecasts have been accumulating. The Bitcoin course is finally gaining speed again today.
Blackrock – Investment Management Group in the Bitcoin Market
The US investment management group BlackRock has started to investigate the crypto currency market to find out how to take advantage of the rapidly growing market.
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BlackRock, the world’s largest and most important asset management company, has announced the establishment of a working group to explore ways to integrate crypto currency into its business model. The working group will examine their competitors and their Is Bitcoin Profit a Scam? Beware, Read our Review First use of crypto currency to determine whether they should invest in bitcoin.
Blackrock is the largest provider of passive exchange-traded funds, with $1.5 trillion in its own iShares fund managed by Blackrock. It is clear that the world’s largest asset manager does not make hasty decisions, so the decision to explore the crypto currency market is huge news.
The Bitcoin Revolution course reacts
The news about the traditional institution was tough. The Bitcoin price currently has an increase of around three percent. Right now, the price appears to be moving sideways between resistance at $6,800 and support at $5,800. The price is currently above the moving averages and has once again reached positive momentum for days. But there is an important Bitcoin Revolution hurdle to overcome at $6,800. As you can clearly see in the RSI, we have reached overbought conditions so that the market reflects the exhaustion of buyers and the price could consolidate somewhat in the near future.
Bitcoin Chart from TradingView
Positive headlines are accumulating
Last week we reported that a SEC-approved Bitcoin ETF filed by the CBOE will be voted on in the coming weeks. The Bitcoin ETF, also known as the „Holy Grail of the crypto currency market“, is so important because, unlike futures, the respective shares must be physically covered with Bitcoin.
While the „big media“ have reported that the bubble burst since early 2018, the CTO of Coinbase emphasizes how important the crash phases in bitcoin and crypto currencies are so that developers can continue to expand the infrastructure. During the all-time high, nearly 500,000 daily transactions were recorded, which put an immense strain on the network. Now that the hype has subsided, developers can get back to solving scalability problems. These phases have been repeated for years and are crucial for the success of Bitcoin and other crypto currencies.
The announcement by BlackRock and the upcoming Bitcoin ETF will increase the pressure on the remaining Wall Street giants who want to benefit from the booming crypto currency market in the future.