Bitcoin Jumps Near $25K Following BlackRock BTC Announcement
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The spot Bitcoin private trust will give BlackRock clients, mostly institutional clients, exposure to the price of the benchmark cryptocurrency. Before the BlackRock solution, the firm’s clients in the US had little to no alternatives for gaining crypto exposure in a cost-efficient manner. BlackRock explained:
“Despite 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.”
BlackRock is the largest investment company in the world and boasts of a massive $10 trillion asset under management (AUM) and about $20 billion in yearly revenue. An official post from the firm described Bitcoin as the “oldest, largest, and most liquid crypto asset, and is currently the primary subject of interest from our clients in the space.”
The news has been received well by the crypto community considering how beneficial this could be. Popular crypto analyst Will Clemente noted:
“Last comment on the matter: [I] Think the Blackrock news is probably the most bullish news for a long-term Bitcoin holder ever. Not just the news itself, but that it signals to some [that] the water is fine and to others [that] if they don’t offer their clients BTC, they’ll get their lunch ate.”
Key Bitcoin Levels to Watch — August 11
Bitcoin jumped notably following the BlackRock announcement earlier today, getting its closest to the $25K since June 13. However, the benchmark cryptocurrency failed to sustain the push and is now on a corrective move lower.
That said, we could see the $24K price tags again before the weekend, where the renewed bullish bias will likely be tested. A failure to hold above the $24K mark as well could signal a change in momentum, especially considering the support level is buoyed by my short-term ascending trendline.
Meanwhile, my resistance levels are at $25,000, $26,000, and $27,000, and my key support levels are at $24,000, $23,000, and $22,000.
Total Market Capitalization: $1.15 trillion
Bitcoin Market Capitalization: $463.4 billion
Bitcoin Dominance: 40.1%
Market Rank: #1
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