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BlackRock relies on Coinbase - the market leaves it cold

 


BlackRock partners with Coinbase to bring institutional investors into contact with cryptocurrencies. Customers of the world's largest wealth manager can access Coinbase Prime via Aladdin. Aladdin is BlackRock's institutional investment platform.


Initially, however, access will be limited to Bitcoin, which also includes trading and custody of BTC for customers. The news circulated quickly yesterday, but had no significant impact on the market.


Only the Coinbase share was able to increase, although this was more due to an ongoing correction and not just the announcement. Nevertheless, yesterday the jump to 100 US dollars was possible for a short time.


Bitcoin remains in waiting position

The Bitcoin price was able to close above the 200MA line last week, but has been weak so far. The economic data from the USA give an idea that hard times are ahead of us.


The next important date is the announcement of the US inflation rate in July. This is due next week and should have a massive impact on expectations and thus the market. A deterioration in the situation does not necessarily have to result in a slump in the markets. Finally, the situation could also be interpreted in such a way that at a certain point the Fed is forced to backtrack at least a bit in order to take the tension out of the markets, at least in phases.


This thesis would be supported by the fact that elections are due in the USA in November. In this phase, the markets could recover, with Bitcoin still showing a high correlation with the Nasdaq. Therefore, the stock markets are likely to advance as before and the crypto market to follow.

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