Bitcoin jumps after report suggests BlackRock is getting serious about the crypt

[alyssa85]

https://www.cnbc.com/2018/07/16/bitcoin-jumps-after-report-says-blackrock-exploring-cryptocurrencies.html

The price of bitcoin surged Monday after a report said that BlackRock has set up a working group to explore ways of taking advantage of the cryptocurrency market.

London’s Financial News newspaper, citing two unnamed sources, said that BlackRock has formed a team from different parts of the business to investigate cryptocurrencies and blockchain, the technology that underpins them.

According to one of the sources, the asset management giant will study whether it should invest in bitcoin futures. The sources also said that BlackRock’s working group will keep a close eye on what its competitors are doing in regard to cryptocurrencies and blockchain.

[batang_bitcoin]

Haven't heard about the news but it made me surprised after checking the price jumped +$300 within few hours.

News definitely are giving impact to the price and unlike before if there are good news, the effect is taking too long unlike the bad ones.

Still too early to celebrate.

[BrewMaster]

believe it or not bitcoin market is not yet a gigantic market that 3% rise in it can be considered a "jump" that much rise is still considered a tiny ignoreable fluctuation within one day. a jump would have been a rise above $7k at least.

in case case after googling what "BlackRock" is since i have never heard of it, i don't know how i feel about this news. an investment management company that big entering the scene and thinking about "taking advantage of the market" doesn't necessarily mean good things are coming. we may see hype and a rise for now but i don't know what we will see in the short run from them.

[electronicash]

if BlackRock is going to make some pump and dump for us then that's something to look forward to. whatever shits they can do, its always good to have some financial institution that are trying to jump into the bandwagon after all, they do make some news with all the things they do. i guess we can all be taking advantage of it too.

[teramit]

there is no serious relation with news and btc price, look 5 different steep rises happened at last weeks will you find news at for that exact times, dont waste time. There are always steep moves in bitcoin and they are not very related with news but manipulators wait time for them and move according to them for convince people. If you really think that news is reason for rise you have to find similar news for every rise.And also there are steep falls you have to fall an exchange hack news for every fall but be sure you cant find, you can only find a few news for that fast moves and it is not enough. This is crypto market it does not moves like classic financial markets.

[cellard]

believe it or not bitcoin market is not yet a gigantic market that 3% rise in it can be considered a "jump" that much rise is still considered a tiny ignoreable fluctuation within one day. a jump would have been a rise above $7k at least.

in case case after googling what "BlackRock" is since i have never heard of it, i don't know how i feel about this news. an investment management company that big entering the scene and thinking about "taking advantage of the market" doesn't necessarily mean good things are coming. we may see hype and a rise for now but i don't know what we will see in the short run from them.

BlackRock is huge, so I can see why the price jumped, however, i am not sure how related it is to that.

https://www.reuters.com/article/us-blackrock-cryptocurrency/blackrock-is-evaluating-cryptocurrencies-ceo-fink-says-idUSKBN1K61MC?feedType=RSS&feedName&61;businessNews

“BlackRock exploring crypto assets comes as no surprise and is definitely a positive development for the crypto market,” said Chris Yoo, a portfolio manager at Black Square Capital Management LLC, a hedge fund focused on the crypto space.

“As the largest asset manager in the world, its interest in crypto assets could be a catalyst for upward price movement and encourage other asset managers, even with more conservative strategies, to seriously explore investing in the crypto space.”

Hopefully with "crypto assets" they mean Bitcoin, but it looks like they are ready to waste money on shitcoins:

“We are a big student of blockchain,” Fink said in an interview with Reuters. Adding that he doesn’t see “huge demand for cryptocurrencies,” the company has a working group studying it.

[DonQuijote]

i dont understand, he said: he doesn’t see “huge demand for cryptocurrencies,”

[LeGaulois]

It just ridiculous how a small news can impact the Bitcoin price (positively or negatively) Can you imagine what could happen to the price if a day someone successfully hacks the twitter account of the Federal Reserve or IMF and start to tweet random tweets like "We're going to move 100% in cryptos, no more USD and EUR."

(BlackRock is a hedge fund right?)

[gentlemand]

Watch the vid - https://www.bloomberg.com/news/articles/2018-07-16/blackrock-s-fink-says-clients-have-zero-interest-in-crypto

He is a 'blockchain not bitcoin' lover and is interested in the tech for his own platform. And he clearly doesn't get it when he says he's waiting for crypto to be more... transparent?

However I well and truly cannot believe that not one of his punters has expressed any interest.

[pitiflin]

4% is not bad,sure it is acceptable. Although, you can't be sure why exactly the price rose. There could be millions of reasons why.

It just ridiculous how a small news can impact the Bitcoin price (positively or negatively) Can you imagine what could happen to the price if a day someone successfully hacks the twitter account of the Federal Reserve or IMF and start to tweet random tweets like "We're going to move 100% in cryptos, no more USD and EUR."

(BlackRock is a hedge fund right?)

That shit would be absolutely crazy as fuck. I hope that happens.

And BlackRock is an investment firm/hedgefirm: https://www.blackrock.com/corporate/about-us

[cellard]

It just ridiculous how a small news can impact the Bitcoin price (positively or negatively) Can you imagine what could happen to the price if a day someone successfully hacks the twitter account of the Federal Reserve or IMF and start to tweet random tweets like "We're going to move 100% in cryptos, no more USD and EUR."

(BlackRock is a hedge fund right?)

BlackRock are the biggest hedge fund on earth moving trillions worth of dollars. If they are smart they will get on Bitcoin and start stacking big chunks, but most likely they still think in dollar terms so they just want to pump it, then short it later, that's what Wall Street does, they pump whatever they feel like pumping, and then they short it.

I doubt they are going to get on it anytime soon. They will need to be forced to do so when they have real fears of a dollar collapse, until then the dollar hamster well continues and they will maximize dollar gains, not anything else.

When giants like BlackRock finally get in, it will be obvious in the price. Just 1 or 2% allocation of BlackRock into BTC will pump the price to 6 figures.

[exstasie]

It just ridiculous how a small news can impact the Bitcoin price (positively or negatively) Can you imagine what could happen to the price if a day someone successfully hacks the twitter account of the Federal Reserve or IMF and start to tweet random tweets like "We're going to move 100% in cryptos, no more USD and EUR."

But then price would come right back down.

(BlackRock is a hedge fund right?)

They're an institutional asset manager, so they administer lots of funds. Part of my 401k (through my employer) is invested in one of their commodity basket funds. (I guess that gives some idea of how big they are--very big!)

i dont understand, he said: he doesn’t see “huge demand for cryptocurrencies,”

Yeah, he actually seems quite pessimistic on the overall prospects of cryptocurrency. It seems like they are in the "skeptics" camp, but are being pushed to explore the space as some sort of contingency plan.

[BitHodler]

It seems like they are in the "skeptics" camp, but are being pushed to explore the space as some sort of contingency plan.

Even 1% of their capital in Bitcoin would be a sufficient enough hedge to protect their overall asset value in case something forcing the regular economy down and the crypto economy up.

At some point there will be a time where barely anyone here gets surprised about anything that happens. We're going through something that we probably won't ever get to witness again, so let's enjoy it.

When Bitcoin is the developed asset we think it will or might become, the average person is back to stage 1 of their miserable life. They singlehandedly wasted the opportunity of their life.

[Herbert2020]

BlackRock has set up a working group to explore ways of taking advantage of the cryptocurrency market.

i can only hope that this statement doesn't mean they are going to enter the "altcoin" market and take advantage of the fact that you can easily manipulate them and pump and dump them. there is a lot of money in pump and dumps and ICO scams which can make any firm greedy to enter.

[cabron]

BlackRock has set up a working group to explore ways of taking advantage of the cryptocurrency market.

i can only hope that this statement doesn't mean they are going to enter the "altcoin" market and take advantage of the fact that you can easily manipulate them and pump and dump them. there is a lot of money in pump and dumps and ICO scams which can make any firm greedy to enter.

I think it works that way too. They are going to simply make manipulations for favor on their side of course. They would consider themselves lucky to start as early as this year than starting later on while most of the finance companies are busy on the market they are comfortable with right now. If they see that crypto is the future currency, the finance companies are going to move here soon. Three of them are already with crypto JPmorgan, blackrock and the other one.

[Pursuer]

anything below 10% change, specially when it takes a couple of days to be achieved is negligible. it is not a jump, the negative of it is not a crash either. they are simply small price movements that are normal and you can not say it is because of this or that.
in bitcoin if people were really excited about this particular news then price should have jumped 10%+ in a couple of hours instead of rising about 8% within a couple of days.

right now we are simply going back up to where we were before the Bancor hack occurred and pulled the price down because of panic sells.

not to mention that BlackRock didn't start anything in cryptocurrencies nor bitcoin. they just started having them under observation.

[1Referee]

anything below 10% change, specially when it takes a couple of days to be achieved is negligible. it is not a jump, the negative of it is not a crash either. they are simply small price movements that are normal and you can not say it is because of this or that.

Agreed. People tend to get excited easily when they see their charts develop green dildos.

not to mention that BlackRock didn't start anything in cryptocurrencies nor bitcoin. they just started having them under observation.

That's how it all starts.

As soon as these large players announce that they are ready for it, you can be sure of the fact that they have bought in big. Current 'observation' means very likely accumulation time. They are the largest player in the game they play, they know how to deal with every market in the most profitable way, and they will boost the market later on to make sure you know they are on board. They don't hype up something they haven't bought in themselves.

[cellard]

anything below 10% change, specially when it takes a couple of days to be achieved is negligible. it is not a jump, the negative of it is not a crash either. they are simply small price movements that are normal and you can not say it is because of this or that.

Agreed. People tend to get excited easily when they see their charts develop green dildos.

not to mention that BlackRock didn't start anything in cryptocurrencies nor bitcoin. they just started having them under observation.

That's how it all starts.

As soon as these large players announce that they are ready for it, you can be sure of the fact that they have bought in big. Current 'observation' means very likely accumulation time. They are the largest player in the game they play, they know how to deal with every market in the most profitable way, and they will boost the market later on to make sure you know they are on board. They don't hype up something they haven't bought in themselves.

If they have "bought in big" then you will see very big green dildoes happening before they make the press release, because these giants can move the Bitcoin market easily since the Bitcoin market is tiny.

Just a small percentage of exposure would drive the price to $100,000+. There is no way for these giants to get in without it being obvious, unless they spend years buying small chunks to not raise the price up. The question is, have they been buying these small chunks for years now? who knows, but still, the marketcap is tiny, 1 to 2% allocation and we are looking at 6 figures easily, so they aren't in yet unless small amounts.

[Kemarit]

Black Rock has been very vocal about bitcoin and blockchain since last year but during that time they see bitcoin as a bubble, that's why they didn't enter the scene. They are correct as we all know that its been burst already so that's why they are making a lot of noise because this is the perfect time to get into action. Or probably this news also push the price as of late:

https://bitcoinist.com/cryptocurrencies-pose-no-threat-to-global-finance-but-require-vigilant-monitoring-says-fsb/

In a press release issued on July 16 via its website, the Financial Stability Board (FSB) announced that cryptocurrencies do not pose a threat to the global financial system.

So BlackRock announcement + FSB PR = Bitcoin pump

[cellard]

Yep not a long time ago BlackRock was calling Bitcoin a toy for money launderers. It's funny how these giants with endless vulture funds hoarding massive amounts of property taking advantage of people that cannot pay the bills go around acting as if they have higher moral grounds. These guys are money making machines and couldn't care less.

For now they are allied with the USD and it benefits them calling Bitcoin a scam for criminals, but once the USD starts cracking and they feel some fears of systemic risk they will look at ways to mitigate this and will not hesitate to buy a bunch of BTC.