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Main Takeaway: Market Cools After Three-Day Rally
Cryptocurrency markets on Thursday/Friday cooled off after a multi-day rally that saw the total market cap increase by 7%. Crypto markets are now down 2% likely as a result of the post-inflation hype dying down. Crypto investors and traders should stay vigilant and be cautious of fake breakouts and getting rejected at resistance as signs of further pulling back.
Key Stories: BlackRock Launches Trust To Give Investors Access To Bitcoin
BlackRock, the world’s largest asset manager, announced yesterday that it’s launching a Bitcoin spot private trust for its institutional clients in the US. This move will put it directly into competition with Grayscale, which at the moment is the world’s biggest investment vehicle for cryptocurrencies. However, Grayscale has been continuously ridiculed for its investment offerings and fees.
The takeaway for BlackRock is that it shows asset management and institutional investors are still very much interested in Bitcoin, cryptocurrencies, blockchain, and other Web3 digital assets. BlackRock launching this fund is symbolic because it represents just how far the asset class crypto has matured.
Looking at BlackRock’s AUM by asset class below, you can see that of its $10 trillion in AUM, most of that is dedicated to equities and fixed income. So moving forward, although slowly, cryptocurrencies may begin to take some share of the pie. With this development, crypto solidifies itself further as a macro class on par with stocks. This is bullish for crypto.
Today’s Top Gainers
The top five performing cryptos on Phemex d-o-d are Ankr (ANKR/USDT), Unifi Protocol (UNFI/USDT), Celer (CELR/USDT), StormX (STMX/USDT), and Ethereum Classic (ETC/USDT).
