Bitcoin (BTC) continued toward $25,000 on the Aug. 11 Wall Street open amid news that the world’s largest asset manager had launched a BTC product.
Silbert on BlackRock: โHere comes Wall Street”
Data from Cointelegraph Markets Pro and TradingViewย followed BTC/USD as it spiked to $24,921 on Bitstamp as United States stock trading got underway.
While going on to consolidate slightly below the highs, the pair inspired confidence in market sentiment, with popular crypto industry figures already seeing positive implications of the BlackRock move.
“Here comes Wall Street…,” former Grayscale CEO, Barry Silbert, commented.
For Blockware lead insights analyst William Clemente, the news was a landmark event in Bitcoinโs history.
โLast comment on the matter: Think the Blackrock news is probably the most bullish news for a long term Bitcoin holder ever,โ he told his Twitter followers.
โNot just the news itself, but that it signals to some the water is fine and to others if they donโt offer their clients BTC theyโll get their lunch ate.โ
BlackRockโs CEO, Larry Fink, had described Bitcoin just five years earlier as an โindex of money laundering.โ He had appeared to change his tune by 2020, acknowledging the largest cryptocurrencyโs potential to become a โglobal market.โ
BlackRockโs offering will take the form of a spot Bitcoin private trust, it confirmed in a statement.
โThe trust is available to U.S. institutional clients and seeks to track the performance of bitcoin, less expenses and liabilities of the trust,” the statement reads
โDespite the steep downturn 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.”
As Cointelegraph reported, the firmโs initial foray into Bitcoin this month came via a partnership with U.S. exchange Coinbase.
June futures gap comes into play
Turning to potential short-term price targets, the mood among commentators was thus flexible if still not outright bullish.
Related:ย Bitcoin battles 2-month resistance amid โmost hatedโ stocks rally
For on-chain monitoring resource Whalemap, the potential upside and downside remained considerable, with $20,000 still not safe as a floor.
โ$BTC is breaking out of an ascending triangle on low volatility meaning we should be expecting a big move soon enough,โ the Whalemap teamย revealed alongside a chart showing relevant levels.
โHolding up to the break out is the number one priority where the realistic targets would be 27โ29k above or 19k below in case we donโt hold.โ
Popular Twitter account Altcoin Bets meanwhile added that โas long as we stay above 24k on daily, we should reach for 28k CME gap,โ referring to a void in the CME Bitcoin futures chart, which often acts as a spot price magnet.
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