Press Release With an unwavering conviction in the potential of cryptocurrencies, Larry Fink, helmsman of BlackRock, the world’s most influential asset management firm, expressed a stronger faith in digital assets as investment tools today. His contention is that cryptocurrencies will “transcend any one currency.”
How will this influence the best cryptos to buy now?
Fink shared his augmented optimism for digital currencies in a CNBC interview earlier today.
While he refrained from delving into Bitcoin specifics due to BlackRock’s pending application for a spot market Bitcoin Exchange Traded Fund (ETF) with the U.S. Securities and Exchange Commission, he underscored the unique value of crypto compared to other investment classes.
Seeking to expand its foothold in the cryptocurrency market, BlackRock – which manages an enormous $9.5 trillion in assets–applied for SEC approval of a spot Bitcoin ETF on June 15.
This move is believed to have nudged other institutional investors to direct capital toward the crypto sphere, driving the asset to reach its peak value in the last twelve months.
“Our obligation is to make investing an accessible practice for all,” Fink opined about ETFs.
“In recent years, there’s been a marked rise in global investors expressing curiosity about the place of crypto in their portfolios. Crypto, with its broad international reach, undoubtedly has the capacity to go beyond the boundaries of a single currency in terms of valuation.”
Fink’s argument is that an “international crypto product” could potentially provide a solution to the issue of dollar devaluation, given its inherently borderless nature.
The launch of a Bitcoin ETF on the spot market could provide institutional investors with a gateway to access Bitcoin without needing to deal with the complex issues of storage.
This could potentially result in a significant inflow of capital into the market, assuming that the ETF receives regulatory approval.
The cryptocurrency market was filled with optimism following a court ruling yesterday, which declared that XRP is not a security. As a result, Bitcoin and the broader market enjoyed a favorable close.
However, today, Bitcoin has once again pulled back to its range low and is currently testing the Fib 0.236 level at $30,159, which coincides with the 20-day EMA at $30,147.
Bitcoin is currently trading at $30,098 reflecting a 4.40% loss so far today, while the total cryptocurrency market cap is dropping by 4.44% to $1.166 trillion so far today.
Despite this pullback, the overall bullish trend in the cryptocurrency market is still intact. In fact, this dip may present a buying opportunity for those who have been waiting to get in before Bitcoin’s next potential leg up.
Lido DAO, Wall Street Memes, Polygon, Chimpzee, and ApeCoin are some of the best cryptos to buy now due to their strong fundamentals and/or positive technicals.
Lido DAO (LDO) Pulls Back from Yesterday’s High: What’s Next?Source: TradingView / LDOUSDTLido DAO (LDO) is currently facing selling pressure around the Fib 0.236 level of $2.331, resulting in a slight pullback from yesterday’s 21.56% gain.
Despite reaching an intraday high of $2.523 earlier today, » …