Bitcoin Bounces Back Above $6500 After BlackRock Creates Crypto Team

xitrum

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Quote from: Hydrogen on July 17, 2018, 06:16:49 AM

Quote

Following new last week that billionaire investor Steven Cohen was said to have put money into a hedge fund focusing on crypto, Bitcoin et al. are extending gains today following headlines that BlackRock has formed a team to look into ways to take advantage of the cryptocurrency market and blockchain.

In the last week we have seen the owner of Switzerland’s securities exchange in Zurich say it’s creating a platform for trading digital assets.

Then, according to Fortune, none other than billionaire Steve Cohen has decided to join the bitcoin party and has invested in a Autonomous Partners, a relatively new hedge fund that is acquiring both cryptocurrencies and blockchain-related companies.

And now, as Financial News reports, the world's largest asset manager will examine whether the manager of $6.3 trillion of assets should invest in Bitcoin futures. It is also reportedly reviewing what competitors are doing with cryptocurrencies and how it would affect its business.

Notably, the formation of the team marks a change for the company after CEO Larry Fink said in October cryptocurrencies are a speculative platform in Asia and heavily used for money laundering. He has also said Bitcoin and other cryptocurrencies were “far from” being an opportunity for institutional investors, and none of BlackRock’s clients wanted to invest in it, according to Financial News.

And all of this comes after JPMorgan, Fidelity, and CME among others have stepped into the crypto mix.

Bitcoin has spiked back above $6500, back at one-week highs...

And the rest of the crypto space is rising also - led by Bitcoin Cash...

So the big question is - Is the institutional investor finally ready to join the crypto party?

https://www.zerohedge.com/news/2018-07-16/bitcoin-bounces-back-above-6500-after-blackrock-creates-crypto-team

....

Here is one explanation for bitcoin's rise above $6500 that I've seen.

Are there other events or circumstances which could explain the recent price appreciation we've witnessed? Do you think this latest rise in bitcoin price will be sustained or are we witnessing a so called "dead cat bounce" where price hikes will be negligible over the long term?

I still suspect the value of bitcoin is being pushed down via market manipulation (and perhaps institutional investors) although I still have no solid evidence for this. It should be mentioned that pushing the price down and scaring HODLers into selling could be the best strategy to create an accumulation stage where institutional investors are able to "buy in" before the next pump and dump phase.

Anyways does anyone have an idea as to what is going on here?

You may find that it is not a big deal when the bitcoin price is rising so strongly. You can see that bitcoin prices have been rising steadily recently and at the moment there are strong signs of recovery. According to my analyst, the price of bitcoin will probably return to $ 8800 and no obstacles, the market is uptrend in the short term and I have confidence in a strong recovery market.

stepwilli

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Quote from: Hydrogen on July 17, 2018, 06:16:49 AM

Quote

Following new last week that billionaire investor Steven Cohen was said to have put money into a hedge fund focusing on crypto, Bitcoin et al. are extending gains today following headlines that BlackRock has formed a team to look into ways to take advantage of the cryptocurrency market and blockchain.

In the last week we have seen the owner of Switzerland’s securities exchange in Zurich say it’s creating a platform for trading digital assets.

Then, according to Fortune, none other than billionaire Steve Cohen has decided to join the bitcoin party and has invested in a Autonomous Partners, a relatively new hedge fund that is acquiring both cryptocurrencies and blockchain-related companies.

And now, as Financial News reports, the world's largest asset manager will examine whether the manager of $6.3 trillion of assets should invest in Bitcoin futures. It is also reportedly reviewing what competitors are doing with cryptocurrencies and how it would affect its business.

Notably, the formation of the team marks a change for the company after CEO Larry Fink said in October cryptocurrencies are a speculative platform in Asia and heavily used for money laundering. He has also said Bitcoin and other cryptocurrencies were “far from” being an opportunity for institutional investors, and none of BlackRock’s clients wanted to invest in it, according to Financial News.

And all of this comes after JPMorgan, Fidelity, and CME among others have stepped into the crypto mix.

Bitcoin has spiked back above $6500, back at one-week highs...

And the rest of the crypto space is rising also - led by Bitcoin Cash...

So the big question is - Is the institutional investor finally ready to join the crypto party?

https://www.zerohedge.com/news/2018-07-16/bitcoin-bounces-back-above-6500-after-blackrock-creates-crypto-team

....

Here is one explanation for bitcoin's rise above $6500 that I've seen.

Are there other events or circumstances which could explain the recent price appreciation we've witnessed? Do you think this latest rise in bitcoin price will be sustained or are we witnessing a so called "dead cat bounce" where price hikes will be negligible over the long term?

I still suspect the value of bitcoin is being pushed down via market manipulation (and perhaps institutional investors) although I still have no solid evidence for this. It should be mentioned that pushing the price down and scaring HODLers into selling could be the best strategy to create an accumulation stage where institutional investors are able to "buy in" before the next pump and dump phase.

Anyways does anyone have an idea as to what is going on here?

Right from time. I already have the feeling that price will go up and that some legitimate billionaire investors will come. Through to invest their money and help the community. There are lots of people that are interested in Bitcoin but are still looking to understand it better. This is not where it ends I believe that Bitcoin will improve the more from this point. Although that doesn’t prevent whales from coming through to manipulate price again.

Streamlink

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Quote from: Thewolfofcrypto on July 19, 2018, 05:43:14 AM

There are so many levels of effect on bitcoin price so I am not even sure what price it will be in a week from now, so because of that I'm trying to be flexible as I can.

Wait for the good time. Bitcoin always been playing this seek and hide game with its users. Although this isn’t that much exact seek and hide but sometimes it just get its price high and sometimes just drop that down. So need is to make a system that helps everyone trying to make their lives good. So whenever prices are little bit higher, soon make your buying.

CybereyesWinger

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Quote from: Hydrogen on July 17, 2018, 06:16:49 AM

Quote

Following new last week that billionaire investor Steven Cohen was said to have put money into a hedge fund focusing on crypto, Bitcoin et al. are extending gains today following headlines that BlackRock has formed a team to look into ways to take advantage of the cryptocurrency market and blockchain.
In the last week we have seen the owner of Switzerland’s securities exchange in Zurich say it’s creating a platform for trading digital assets.
Then, according to Fortune, none other than billionaire Steve Cohen has decided to join the bitcoin party and has invested in a Autonomous Partners, a relatively new hedge fund that is acquiring both cryptocurrencies and blockchain-related companies.
And now, as Financial News reports, the world's largest asset manager will examine whether the manager of $6.3 trillion of assets should invest in Bitcoin futures. It is also reportedly reviewing what competitors are doing with cryptocurrencies and how it would affect its business.
Notably, the formation of the team marks a change for the company after CEO Larry Fink said in October cryptocurrencies are a speculative platform in Asia and heavily used for money laundering. He has also said Bitcoin and other cryptocurrencies were “far from” being an opportunity for institutional investors, and none of BlackRock’s clients wanted to invest in it, according to Financial News.

....

Here is one explanation for bitcoin's rise above $6500 that I've seen.
Are there other events or circumstances which could explain the recent price appreciation we've witnessed? Do you think this latest rise in bitcoin price will be sustained or are we witnessing a so called "dead cat bounce" where price hikes will be negligible over the long term?
I still suspect the value of bitcoin is being pushed down via market manipulation (and perhaps institutional investors) although I still have no solid evidence for this. It should be mentioned that pushing the price down and scaring HODLers into selling could be the best strategy to create an accumulation stage where institutional investors are able to "buy in" before the next pump and dump phase.
Anyways does anyone have an idea as to what is going on here?

Very important! Without certain experience, Trading and Hodling are risky. The most acceptable method of investing at the moment is ICO. For a more successful contribution, you need to carefully analyze the project. Identify is necessary for the market side. For example, the Kelvin Blockchain project has an innovative method of encryption, transmission, storage, and security. All this is based on quantum computing. Thus becoming in demand in the future. With the coming quantum technologies, the current market must experience many changes. To be more exact, many coins will leave the market, as there will simply be no demand for them, due to the same technological superiority.

TheNotoriouss

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Yeah, that's interesting, because I've heard that this is fake news, or so. Sad

We should w8 for ETF. Have you heard about this project - https://medium.com/@kelvinchain/the-post-quantum-era-of-blockchain-todays-solutions-for-the-world-of-tomorrow-16bdd970f49a ? I think this is very promising upcoming ICO.

bowals

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In summary, there is an hedge fund being developed, which led to tipping point in favour of bitcoin

Jonsnowstark

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Well i dont think this news from blackrock is true. It has already been denied by their CEO. Bitcoin has proven to be able to rise amidst any negativity thrown away by fud. Bitcoin managed to stand regardless of negative predictions by self claimed financial experts. This rise is simply because people put in money and invested thus resulted to a rise. The more people gts afraid of not being able to ride with the upcoming bullrun the higher the price will become.

lunaelucemauram

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With BTC coming back to the $7000 mark it will be the start of gaining back the confidence of most of the investors in the cryptocurrency. It is a good time for investor and traders to add to their portfolio since it can be a start of the bull market and with the BTC going up to $7k some of the altcoins are going down which can be a good indicator.

Thewolfofcrypto

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There are so many levels of effect on bitcoin price so I am not even sure what price it will be in a week from now, so because of that I'm trying to be flexible as I can.

mikyadel

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i don't know if that news was solid enough to push the spike in btc price in such short notice , alot of companies and banks already started adopting blockchain technology but we don't see that spike everyday ! i think as long we are approching 10 AUG ,people are afraid that after SEC approve btc ETF ,price go to moon and then regret not buying in these prices . Also, that spike doesn't indicate a healthy price action as it didn't have a proper build-up.

scoin9

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Personally I feel Bitcoin would rise regardless of news and reports whether true or false. The usage and adoption of Bitcoin in recent times has been massive and this would continue to increase in years to come.Concerning the BlackRock investment news, it maybe true that the increase in value of BTC can be created abit to the news, but other major factors also play a major role in the rise and fall of BTC.

Lorence.xD

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Quote from: ningo on July 18, 2018, 01:32:19 PM

Well right now we are above the 6500$ and above 7000$ .In the mist of this ,many people are of the view that the great predictions for the year are about to see the light of the day.As this is a move in a positive direction and most cryptocurrency enthusiasts are glad about this trend.

Market is Volatile, anything can happen at any given time, it maybe true that, the above news about BlackRock contribute to the positive reaction of the market, But, just like any other asset in the market, market movement can be viewed as positive result for Bitcoin, it has a lot of indicators for the price value goes up, the stability on the market, the good fundamentals, the clear market structure, and the high level of confidence by the investors for Bitcoin.

ylnar123

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Quote from: Hydrogen on July 17, 2018, 06:16:49 AM

Quote

Following new last week that billionaire investor Steven Cohen was said to have put money into a hedge fund focusing on crypto, Bitcoin et al. are extending gains today following headlines that BlackRock has formed a team to look into ways to take advantage of the cryptocurrency market and blockchain.

In the last week we have seen the owner of Switzerland’s securities exchange in Zurich say it’s creating a platform for trading digital assets.

Then, according to Fortune, none other than billionaire Steve Cohen has decided to join the bitcoin party and has invested in a Autonomous Partners, a relatively new hedge fund that is acquiring both cryptocurrencies and blockchain-related companies.

And now, as Financial News reports, the world's largest asset manager will examine whether the manager of $6.3 trillion of assets should invest in Bitcoin futures. It is also reportedly reviewing what competitors are doing with cryptocurrencies and how it would affect its business.

Notably, the formation of the team marks a change for the company after CEO Larry Fink said in October cryptocurrencies are a speculative platform in Asia and heavily used for money laundering. He has also said Bitcoin and other cryptocurrencies were “far from” being an opportunity for institutional investors, and none of BlackRock’s clients wanted to invest in it, according to Financial News.

And all of this comes after JPMorgan, Fidelity, and CME among others have stepped into the crypto mix.

Bitcoin has spiked back above $6500, back at one-week highs...

And the rest of the crypto space is rising also - led by Bitcoin Cash...

So the big question is - Is the institutional investor finally ready to join the crypto party?

https://www.zerohedge.com/news/2018-07-16/bitcoin-bounces-back-above-6500-after-blackrock-creates-crypto-team

....

Here is one explanation for bitcoin's rise above $6500 that I've seen.

Are there other events or circumstances which could explain the recent price appreciation we've witnessed? Do you think this latest rise in bitcoin price will be sustained or are we witnessing a so called "dead cat bounce" where price hikes will be negligible over the long term?

I still suspect the value of bitcoin is being pushed down via market manipulation (and perhaps institutional investors) although I still have no solid evidence for this. It should be mentioned that pushing the price down and scaring HODLers into selling could be the best strategy to create an accumulation stage where institutional investors are able to "buy in" before the next pump and dump phase.

Anyways does anyone have an idea as to what is going on here?

If that's the reason why the pump happen then I would gladly be happy about it and hopefully more pumps to consider. I don't have any idea what other factor that affect the recent price hike but it makes all investors happy to see a big blow on bitcoins price.

richardsNY

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Quote from: weblouartisan on July 18, 2018, 03:11:16 PM

The prediction of cryptocurrency analyst are actually happening today and bitcoins might really reach $50k dollars before the year ends.

Don't believe any of that nonsense. In the last weeks the self claimed wannabe experts and analysts have turned into ultra bears and predicted prices between $5000 and $3000 for the very short term. Look where we are today.... Those who managed to 'correctly' predict current upwards move are lucky. It's impossible to be right other than it being a lucky shot. As always, you don't see them admit that they were wrong with their predictions, but when they were right for once they will surely let you know that. If you throw around with predictions frequent enough, you'll be right at some point. It's practically impossible to be wrong all the time....

weblouartisan

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Quote from: ningo on July 18, 2018, 01:32:19 PM

Well right now we are above the 6500$ and above 7000$ .In the mist of this ,many people are of the view that the great predictions for the year are about to see the light of the day.As this is a move in a positive direction and most cryptocurrency enthusiasts are glad about this trend.

The prediction of cryptocurrency analyst are actually happening today and bitcoins might really reach $50k dollars before the year ends.

ningo

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Well right now we are above the 6500$ and above 7000$ .In the mist of this ,many people are of the view that the great predictions for the year are about to see the light of the day.As this is a move in a positive direction and most cryptocurrency enthusiasts are glad about this trend.

waqasniaz007

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Quote from: Hydrogen on July 17, 2018, 06:16:49 AM

Quote

Following new last week that billionaire investor Steven Cohen was said to have put money into a hedge fund focusing on crypto, Bitcoin et al. are extending gains today following headlines that BlackRock has formed a team to look into ways to take advantage of the cryptocurrency market and blockchain.

In the last week we have seen the owner of Switzerland’s securities exchange in Zurich say it’s creating a platform for trading digital assets.

Then, according to Fortune, none other than billionaire Steve Cohen has decided to join the bitcoin party and has invested in a Autonomous Partners, a relatively new hedge fund that is acquiring both cryptocurrencies and blockchain-related companies.

And now, as Financial News reports, the world's largest asset manager will examine whether the manager of $6.3 trillion of assets should invest in Bitcoin futures. It is also reportedly reviewing what competitors are doing with cryptocurrencies and how it would affect its business.

Notably, the formation of the team marks a change for the company after CEO Larry Fink said in October cryptocurrencies are a speculative platform in Asia and heavily used for money laundering. He has also said Bitcoin and other cryptocurrencies were “far from” being an opportunity for institutional investors, and none of BlackRock’s clients wanted to invest in it, according to Financial News.

And all of this comes after JPMorgan, Fidelity, and CME among others have stepped into the crypto mix.

Bitcoin has spiked back above $6500, back at one-week highs...

And the rest of the crypto space is rising also - led by Bitcoin Cash...

So the big question is - Is the institutional investor finally ready to join the crypto party?

https://www.zerohedge.com/news/2018-07-16/bitcoin-bounces-back-above-6500-after-blackrock-creates-crypto-team

....

Here is one explanation for bitcoin's rise above $6500 that I've seen.

Are there other events or circumstances which could explain the recent price appreciation we've witnessed? Do you think this latest rise in bitcoin price will be sustained or are we witnessing a so called "dead cat bounce" where price hikes will be negligible over the long term?

I still suspect the value of bitcoin is being pushed down via market manipulation (and perhaps institutional investors) although I still have no solid evidence for this. It should be mentioned that pushing the price down and scaring HODLers into selling could be the best strategy to create an accumulation stage where institutional investors are able to "buy in" before the next pump and dump phase.

Anyways does anyone have an idea as to what is going on here?

This is not the reason for bitcoin price spiked. There will be big decisions bitcoin ETF on 10 August and people started accumulation mostly financial institutions. If SEC approves it than BTC will be double triple in next 2 months.

hotforblockchain

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i usually tend not to explain crypto market situation with news but in this case it could indeed be the case.

" BlackRock" is a HUGE fund which manages 6,3 Trillion in assets , to put it in perspective - this fund is 21 times bigger than the whole crypto market together!!!
Crpto universe is dwarfed by this Giant.

Thus i believe this was something like catalisator for btc jump.

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Quote from: BitHodler on July 17, 2018, 07:53:40 PM

Quote from: LeGaulois on July 17, 2018, 01:35:56 PM

To me, BlackRock seems more interested in the blockchain technology than the cryptocurrency itself. It may want to find a use case for their activity (maybe). Or it's interested in crypto but not on behalf of their customers but rather for the HF itself

Client is king. Last year banks have been bombarded with requests to invest in crypto on behalf of their clients, and I'm quite sure the same thing is happening here. It's nearly impossible to ignore.

Goldman Sachs has settled numerous crypto related trades on behalf of their clients, and it seems that JPMorgan has done the same thing. People want proper returns instead of the boring 2-3% annual returns.

Some had more luck with their timing than others, but there are enough clients that have done exceptionally well. There is a lot money waiting to enter, but not enough regulated platforms to utilize.

Yes, a client is king but the context is God. With all the regulations, warnings from banks and how popular is cryptocurrency for "frauds" I am sure most of them refused to trade on behalf of their clients. Not really that banks didn't want to but they sure don't want to be tied with some kind of money laundering like it happened already before. Here some banks even refused to complete your transfer when it was an outgoing payment going to an exchange. Years back Kraken bank accounts were even blacklisted here.

We will be happy to have 2%-3% rate here, 0.75% is already asking too much.

I don't think the major problem is about to have regulated exchanges but rather how to use cryptos (buying, storing, selling, etc...)

1Referee

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Quote from: yonjitsu on July 18, 2018, 01:57:42 AM

At least, it's giving morale to those people who are almost losing their faith to bitcoin and that they will also realize how really important holding their cryptos too.

Losing faith means these people have put their everything in the market and don't care one single bit about Bitcoin itself. The only thing worthy of faith and trust is Bitcoin itself, the market is shit in all degrees.

It may sound harsh, but if people can't take the stress anymore, they shouldn't be here. This isn't a place for rookies to just dump fiat into Bitcoin and then hope that the price will go up. It's a brutal market where whales are looking to make these people sell their coins to them at the lowest possible price. One of the main reasons we had been in quite a downward spiral lately is because of these rookies, whales want them out before the price goes up again.

The more of these rookies sell at current levels, the more likely it is for them to buy back higher and contribute to a small fomo run.

Topic: Bitcoin Bounces Back Above $6500 After BlackRock Creates Crypto Team (Read 276 times)