BITCOIN PAUSES AS TRADERS WAIT FOR BLACKROCK CONFERENCE CALL
During the second quarter, BlackRock announced its interest in cryptocurrencies. This was major news for the digital asset sector considering the role played by the company across the world. BlackRock has assets of more than $6.4 trillion making it the biggest asset manager in the world. It’s closely followed by Vanguard, State Street, and Fidelity Investments. Therefore, an entry into the crypto industry would have been a game changer for the industry.
Since then, BlackRock has not made a follow up to the statement. Today, this could change as the company releases its third quarter earnings. It will release the results before the US market opens and later address issues regarding cryptocurrency involvement during an awaited conference call. If the company announces that it has already entered into the industry, it will lead to a sharp increase in price.
However, there is a likelihood that the company will disappoint. Shortly after BlackRock expressed crypto interest, Goldman Sachs announced that it was giving up on its cryptocurrencies efforts. This was big news because if BlackRock was to venture into cryptocurrencies, Goldman would likely to have wanted to be part of the deal. In addition, the SEC has already rejected proposed ETFs. This makes it difficult for a large investment manager like BlackRock to invest in cryptocurrencies.
Yesterday, the BTC/USD pair jumped to a high of 6720. Today, the pair is trading at 6397. The key drivers for the pair will be the statement from BlackRock.