- BlackRock is entering into a partnership with Coinbase, it was announced yesterday.
- The aim is to provide institutional investors with easier access to the market.
- In the end, this helped the Coinbase stock, but not Bitcoin and the crypto market.
BlackRock, in partnership with Coinbase, wants to bring institutional investors into contact with cryptocurrencies. Customers of the world’s largest asset manager can access Coinbase Prime via Aladdin. Aladdin is an investment platform for institutional clients of BlackRock.
Initially, however, access to Bitcoin will be restricted, which also includes trading and custody of BTC for customers. The news made the rounds quickly yesterday, but had no significant impact on the market.
The Coinbase share alone was able to increase, although this was more due to an already ongoing correction and not just the announcement. Nevertheless, yesterday the jump to 100 US dollars was achieved in the short term.
Bitcoin remains in a waiting position
The Bitcoin price was able to close above the 200 MA line last week, but so far it has been weak. The economic data from the USA suggest that hard times are coming.
The next important date is the announcement of the US inflation rate in July. This is already due next week and is likely to have a massive impact on expectations and thus the market. A worsening of the situation does not necessarily have to cause a slump in the markets. After all, one could also interpret the situation in such a way that at a certain point the Fed is forced to row back at least a little in order to take the tension out of the markets, at least in phases.
This theory would be counteracted by the fact that elections are due in the USA in November. At this stage, a recovery in the markets could succeed, with Bitcoin still having a high correlation with the Nasdaq. Therefore, the stock markets are likely to progress as before and follow the crypto market.
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