Could Bitcoin feel the BlackRock effect? – CryptoSlate
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The global crypto market cap is $1.21 trillion with a 24-hour volume of $28.77 billion. The price of Bitcoin is $30,222.55 and BTC market dominance is 48.6%. The price of Ethereum is $1,916.57 and ETH market dominance is 19.1%. The best performing cryptoasset sector is Sports, which gained 41%.
BlackRock, the world’s leading asset manager, shakes up the world of crypto with its recent application for a Bitcoin Exchange-Traded Fund (ETF), signaling a potential new era for Bitcoin investments and the broader digital assets landscape.
Cover art/illustration via CryptoSlate
In a significant development for the cryptocurrency industry, BlackRock, the world’s largest asset manager, has filed for a Bitcoin Exchange-Traded Fund (ETF). An ETF is a type of security that tracks an index, sector, commodity, or other asset, which can be purchased or sold on a stock exchange like a regular stock. A Bitcoin ETF, specifically, would track the price of Bitcoin, allowing investors to buy into the ETF without dealing with the complexities of owning Bitcoin itself.
BlackRock’s entry into the Bitcoin ETF space is a significant event. With over $8.5 trillion in assets under management, BlackRock’s influence on the financial markets is substantial.
In this report, CryptoSlate will dive deep into the performance of the assets BlackRock’s previous ETFs have tracked and compare them to the potential effect its Bitcoin ETF could have on the crypto market.
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Laurence Fink is the Chairman and CEO of BlackRock.
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
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