Bitcoin price stabilises as BlackRock CEO labels crypto as ‘revolutionary’
There’s no ignoring Larry Fink, the CEO of the biggest asset management company in the world, when he goes on Fox News and calls Bitcoin a revolutionary technology.
“Bitcoin is an international asset, it’s not based on any one currency and so it can represent an asset that people can [invest in] as an alternative,” he said yesterday.
BlackRock’s revised application for a spot BTC ETF is still under review at the SEC.
Bitcoin remains steady around $30,130 this morning, largely flat in the last 24 hours, while Ethereum’s Ether was in the same boat. Other large cap cryptocurrencies are trading in a similar pattern. Bitcoin Cash continues to rally, adding 8% to its price in the last day.
Crypto and stock markets didn’t move much following the Fed’s minutes yesterday, even though all officials agreed in the June meeting that more rate hikes lie in store.
Yesterday’s Crypto AM Daily
In the Markets
The Bitcoin Economy
*Data can be found at https://terminal.bytetree.com/
🌅Total crypto market cap
🔵 $1.2 trillion
What Bitcoin did yesterday
🌄 Closed $30,514
🔺 Daily high $30,877
🔻 Daily low $30,225
Bitcoin market capitalisation
🟠 BTC $598.775 billion
🟡 Gold $12.707 trillion
💳 Visa $500.46 billion
Bitcoin volume
🪣 Total spot trading volume $13.724 billion
SP500
🌅 24hrs -0.20%
Fear and Greed Index
Bitcoin’s market dominance
📊 51.43
Relative Strength Index (RSI)
💪 63.29
Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price, while 30 or below indicates an oversold or undervalued condition.
What they said yesterday
“Crypto is digitising gold.”
Larry Fink, CEO of BlackRock
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Cautionary Notes
It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. City PM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.