Bitcoin Bounces Back Above $6500 After BlackRock Creates Crypto Team

[Hydrogen]

Following new last week that billionaire investor Steven Cohen was said to have put money into a hedge fund focusing on crypto, Bitcoin et al. are extending gains today following headlines that BlackRock has formed a team to look into ways to take advantage of the cryptocurrency market and blockchain.

In the last week we have seen the owner of Switzerland’s securities exchange in Zurich say it’s creating a platform for trading digital assets.

Then, according to Fortune, none other than billionaire Steve Cohen has decided to join the bitcoin party and has invested in a Autonomous Partners, a relatively new hedge fund that is acquiring both cryptocurrencies and blockchain-related companies.

And now, as Financial News reports, the world's largest asset manager will examine whether the manager of $6.3 trillion of assets should invest in Bitcoin futures.  It is also reportedly reviewing what competitors are doing with cryptocurrencies and how it would affect its business.

Notably, the formation of the team marks a change for the company after CEO Larry Fink said in October cryptocurrencies are a speculative platform in Asia and heavily used for money laundering. He has also said Bitcoin and other cryptocurrencies were “far from” being an opportunity for institutional investors, and none of BlackRock’s clients wanted to invest in it, according to Financial News.

And all of this comes after JPMorgan, Fidelity, and CME among others have stepped into the crypto mix.

Bitcoin has spiked back above $6500, back at one-week highs...



And the rest of the crypto space is rising also - led by Bitcoin Cash...



So the big question is - Is the institutional investor finally ready to join the crypto party?

https://www.zerohedge.com/news/2018-07-16/bitcoin-bounces-back-above-6500-after-blackrock-creates-crypto-team

....

Here is one explanation for bitcoin's rise above $6500 that I've seen.

Are there other events or circumstances which could explain the recent price appreciation we've witnessed? Do you think this latest rise in bitcoin price will be sustained or are we witnessing a so called "dead cat bounce" where price hikes will be negligible over the long term?

I still suspect the value of bitcoin is being pushed down via market manipulation (and perhaps institutional investors) although I still have no solid evidence for this. It should be mentioned that pushing the price down and scaring HODLers into selling could be the best strategy to create an accumulation stage where institutional investors are able to "buy in" before the next pump and dump phase.

Anyways does anyone have an idea as to what is going on here?  

[1714778735]

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[logan16j]

Following new last week that billionaire investor Steven Cohen was said to have put money into a hedge fund focusing on crypto, Bitcoin et al. are extending gains today following headlines that BlackRock has formed a team to look into ways to take advantage of the cryptocurrency market and blockchain.

In the last week we have seen the owner of Switzerland’s securities exchange in Zurich say it’s creating a platform for trading digital assets.

Then, according to Fortune, none other than billionaire Steve Cohen has decided to join the bitcoin party and has invested in a Autonomous Partners, a relatively new hedge fund that is acquiring both cryptocurrencies and blockchain-related companies.

And now, as Financial News reports, the world's largest asset manager will examine whether the manager of $6.3 trillion of assets should invest in Bitcoin futures.  It is also reportedly reviewing what competitors are doing with cryptocurrencies and how it would affect its business.

Notably, the formation of the team marks a change for the company after CEO Larry Fink said in October cryptocurrencies are a speculative platform in Asia and heavily used for money laundering. He has also said Bitcoin and other cryptocurrencies were “far from” being an opportunity for institutional investors, and none of BlackRock’s clients wanted to invest in it, according to Financial News.

And all of this comes after JPMorgan, Fidelity, and CME among others have stepped into the crypto mix.

Bitcoin has spiked back above $6500, back at one-week highs...



And the rest of the crypto space is rising also - led by Bitcoin Cash...



So the big question is - Is the institutional investor finally ready to join the crypto party?

https://www.zerohedge.com/news/2018-07-16/bitcoin-bounces-back-above-6500-after-blackrock-creates-crypto-team

....

Here is one explanation for bitcoin's rise above $6500 that I've seen.

Are there other events or circumstances which could explain the recent price appreciation we've witnessed? Do you think this latest rise in bitcoin price will be sustained or are we witnessing a so called "dead cat bounce" where price hikes will be negligible over the long term?

I still suspect the value of bitcoin is being pushed down via market manipulation (and perhaps institutional investors) although I still have no solid evidence for this. It should be mentioned that pushing the price down and scaring HODLers into selling could be the best strategy to create an accumulation stage where institutional investors are able to "buy in" before the next pump and dump phase.

Anyways does anyone have an idea as to what is going on here?  

I know that information is completely inaccurate, and all the things you read are fake, the information is given when the bitcoin price increases to us FOMO and buy bitcoin. This is very risky for us when dealing because sharks will be able to discharge at any time.


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

[Hydrogen]

Following new last week that billionaire investor Steven Cohen was said to have put money into a hedge fund focusing on crypto, Bitcoin et al. are extending gains today following headlines that BlackRock has formed a team to look into ways to take advantage of the cryptocurrency market and blockchain.

In the last week we have seen the owner of Switzerland’s securities exchange in Zurich say it’s creating a platform for trading digital assets.

Then, according to Fortune, none other than billionaire Steve Cohen has decided to join the bitcoin party and has invested in a Autonomous Partners, a relatively new hedge fund that is acquiring both cryptocurrencies and blockchain-related companies.

So the big question is - Is the institutional investor finally ready to join the crypto party?

https://www.zerohedge.com/news/2018-07-16/bitcoin-bounces-back-above-6500-after-blackrock-creates-crypto-team

....

Here is one explanation for bitcoin's rise above $6500 that I've seen.

Are there other events or circumstances which could explain the recent price appreciation we've witnessed? Do you think this latest rise in bitcoin price will be sustained or are we witnessing a so called "dead cat bounce" where price hikes will be negligible over the long term?

I still suspect the value of bitcoin is being pushed down via market manipulation (and perhaps institutional investors) although I still have no solid evidence for this. It should be mentioned that pushing the price down and scaring HODLers into selling could be the best strategy to create an accumulation stage where institutional investors are able to "buy in" before the next pump and dump phase.

Anyways does anyone have an idea as to what is going on here?  

I know that information is completely inaccurate, and all the things you read are fake, the information is given when the bitcoin price increases to us FOMO and buy bitcoin. This is very risky for us when dealing because sharks will be able to discharge at any time.

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

Some of the information appears accurate.   

This for example:

Hedge fund billionaire Steve Cohen is joining the Bitcoin party.

Cohen Private Ventures, which was launched by Cohen’s family office in 2010, has invested Autonomous Partners, a new hedge fund that is acquiring both cryptocurrencies and equity in blockchain-related companies.

Autonomous Partners, led by early cryptocurrency believer and venture capitalist Arianna Simpson, launched in December and includes funding in the low eight digits from investors such as Coinbase CEO Brian Armstrong, Union Square Ventures, and Craft Ventures.

“I’ve only brought on partners that I think can be very much value-add beyond their capital,” Simpson told Fortune.

http://fortune.com/2018/07/12/steven-cohens-bitcoin-crypto-autonomous-partners/

The news article where blackrock claimed clients have zero interest in crypto currencies could be false. I think goldman sachs and other banks polled their client base on crypto currency interest 2017-2018. Goldman sachs may have bought poloniex crypto exchange via circle shortly thereafter. We've also seen robinhood financial exchange gain an estimated 1 million plus new users after announcing crypto support.

For an investment firm like blackrock to claim there is "zero interest" in crypto currencies which are the hottest investment vehicles the world has seen in a long time. That could be fake news.

[davis196]

Fake news or not,there is some positive impact over the current btc price.I don`t believe that it will last for the next few days.Most likely the price will return back to around 6000 USD.It would be great, if another billionaire is interested in joining the crypto world.If this really is fake news then who cares,forget about it and move forward.

[criptolover12]

These guys always try to fake market like this news. Personally, I don't believe that this one is correct but it is always better to consider.

[LeGaulois]

The Bitcoin prices started to increase before this news, so I don't think it is the main reason. The ETF decision coming soon could be.
To me, BlackRock seems more interested in the blockchain technology than the cryptocurrency itself. It may want to find a use case for their activity (maybe). Or it's interested in crypto but not on behalf of their customers but rather for the HF itself

[79b79aa8d5047da6d3XX]

And prices from 6k7 has gone up 7k4 in 1 hour. Surprisingly to the market at this time. Perhaps as we are about to see a strong growth coming from bitcoin and the market

[audaciousbeing]

In my opinion, I think when any turn around happen to price whether as a positive or negative, we always want to have an explanation to it and that is why we always by all means give it a reason while some people will want to claim credit whenever there is a good turn around. I remember the last push up in the price of bitcoin where a firm in was claiming because it was granted a licence to operate that was why the price got the push but when the price fell back low, the same firm didn't come back with a press release to say its as a result of their own commencement of activities that led to that.

When we define the whole direction of bitcoin price to mean an individual event we are by default accepting that really bitcoin volatility is just too sharp and that the market is not as big as we portray it to be.

[darkangel11]

I wouldn't connect these two things. If the blackrock news is responsible why doesn't the price fall back when their CEO denied everything? I'd say the shorts were overdue. Many professional traders were saying that the bears couldn't bring us below 6k again and the bulls are starting to take control. Most likely it will continue up to 10k and then we shall see if the bulls get tired and give up or if some ETF or another good news manages to push us above 10k. If we break 10k it's going to be another run for 20k for sure.

[nestorjacob]

This is a good news to the industry as more people in business and industry are trying to get into cryptocurrency now as it could be possible to have a new coin for facebook too as The CEO  of Facebook is also considering allowing cryptocurrency to be used for payment of services on the giant social media network.

[BitHodler]

To me, BlackRock seems more interested in the blockchain technology than the cryptocurrency itself. It may want to find a use case for their activity (maybe). Or it's interested in crypto but not on behalf of their customers but rather for the HF itself

Client is king. Last year banks have been bombarded with requests to invest in crypto on behalf of their clients, and I'm quite sure the same thing is happening here. It's nearly impossible to ignore.

Goldman Sachs has settled numerous crypto related trades on behalf of their clients, and it seems that JPMorgan has done the same thing. People want proper returns instead of the boring 2-3% annual returns.

Some had more luck with their timing than others, but there are enough clients that have done exceptionally well. There is a lot money waiting to enter, but not enough regulated platforms to utilize.

[FlightyPouch]

And prices from 6k7 has gone up 7k4 in 1 hour. Surprisingly to the market at this time. Perhaps as we are about to see a strong growth coming from bitcoin and the market

I do not know why some thinks that Bitcoin are about to have some great or strong growth every time it pumps since Bitcoin is strong to boot even if it is dumping since it has a lot of users and supporters all over the world. Dumping is just a nature of crypto currencies that means it is natural for them to dump quickly or pump. And yeah, it is not really surprising since we've seen more surprising price changes in the past like tripling the price of Bitcoin in a couple of months.

[hatshepsut93]

Most likely just a dead cat bounce caused by manipulation and BlackRock news. It would be really weird and unhealthy to have a new rally started just after 6 months after ATH and big correction. The market needs to cool off a little bit, constant volatility is not good in the long run. When the market goes up 10% in 30 minutes it's not as good as 10% in 3 weeks, because the latter indicates strong and solid support, while the former can just as easy go down.

[nguyenthanhvien]

Following new last week that billionaire investor Steven Cohen was said to have put money into a hedge fund focusing on crypto, Bitcoin et al. are extending gains today following headlines that BlackRock has formed a team to look into ways to take advantage of the cryptocurrency market and blockchain.

In the last week we have seen the owner of Switzerland’s securities exchange in Zurich say it’s creating a platform for trading digital assets.

Then, according to Fortune, none other than billionaire Steve Cohen has decided to join the bitcoin party and has invested in a Autonomous Partners, a relatively new hedge fund that is acquiring both cryptocurrencies and blockchain-related companies.

And now, as Financial News reports, the world's largest asset manager will examine whether the manager of $6.3 trillion of assets should invest in Bitcoin futures.  It is also reportedly reviewing what competitors are doing with cryptocurrencies and how it would affect its business.

Notably, the formation of the team marks a change for the company after CEO Larry Fink said in October cryptocurrencies are a speculative platform in Asia and heavily used for money laundering. He has also said Bitcoin and other cryptocurrencies were “far from” being an opportunity for institutional investors, and none of BlackRock’s clients wanted to invest in it, according to Financial News.

And all of this comes after JPMorgan, Fidelity, and CME among others have stepped into the crypto mix.

Bitcoin has spiked back above $6500, back at one-week highs...

https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-07-16_4-00-57.jpg

And the rest of the crypto space is rising also - led by Bitcoin Cash...

https://www.zerohedge.com/sites/default/files/styles/inline_image_desktop/public/inline-images/2018-07-16_3-59-58.jpg

So the big question is - Is the institutional investor finally ready to join the crypto party?

https://www.zerohedge.com/news/2018-07-16/bitcoin-bounces-back-above-6500-after-blackrock-creates-crypto-team

....

Here is one explanation for bitcoin's rise above $6500 that I've seen.

Are there other events or circumstances which could explain the recent price appreciation we've witnessed? Do you think this latest rise in bitcoin price will be sustained or are we witnessing a so called "dead cat bounce" where price hikes will be negligible over the long term?

I still suspect the value of bitcoin is being pushed down via market manipulation (and perhaps institutional investors) although I still have no solid evidence for this. It should be mentioned that pushing the price down and scaring HODLers into selling could be the best strategy to create an accumulation stage where institutional investors are able to "buy in" before the next pump and dump phase.

Anyways does anyone have an idea as to what is going on here?  

I think that's not the main reason. The main reason is due to the end of the World Cup in Russia. Investors do not sell off for betting money anymore. Once again congratulating the market investors have shown signs of increasing.

[yonjitsu]

Fact is, bitcoin has reached 7,000$ now and i don't care if what's the cause of this current spike. At least, it's giving morale to those people who are almost losing their faith to bitcoin and that they will also realize how really important holding their cryptos too.

[1Referee]

At least, it's giving morale to those people who are almost losing their faith to bitcoin and that they will also realize how really important holding their cryptos too.

Losing faith means these people have put their everything in the market and don't care one single bit about Bitcoin itself. The only thing worthy of faith and trust is Bitcoin itself, the market is shit in all degrees.

It may sound harsh, but if people can't take the stress anymore, they shouldn't be here. This isn't a place for rookies to just dump fiat into Bitcoin and then hope that the price will go up. It's a brutal market where whales are looking to make these people sell their coins to them at the lowest possible price. One of the main reasons we had been in quite a downward spiral lately is because of these rookies, whales want them out before the price goes up again.

The more of these rookies sell at current levels, the more likely it is for them to buy back higher and contribute to a small fomo run.

[LeGaulois]

To me, BlackRock seems more interested in the blockchain technology than the cryptocurrency itself. It may want to find a use case for their activity (maybe). Or it's interested in crypto but not on behalf of their customers but rather for the HF itself

Client is king. Last year banks have been bombarded with requests to invest in crypto on behalf of their clients, and I'm quite sure the same thing is happening here. It's nearly impossible to ignore.

Goldman Sachs has settled numerous crypto related trades on behalf of their clients, and it seems that JPMorgan has done the same thing. People want proper returns instead of the boring 2-3% annual returns.

Some had more luck with their timing than others, but there are enough clients that have done exceptionally well. There is a lot money waiting to enter, but not enough regulated platforms to utilize.

Yes, a client is king but the context is God. With all the regulations, warnings from banks and how popular is cryptocurrency for "frauds" I am sure most of them refused to trade on behalf of their clients. Not really that banks didn't want to but they sure don't want to be tied with some kind of money laundering like it happened already before. Here some banks even refused to complete your transfer when it was an outgoing payment going to an exchange. Years back Kraken bank accounts were even blacklisted here.

We will be happy to have 2%-3% rate here, 0.75% is already asking too much.

I don't think the major problem is about to have regulated exchanges but rather how to use cryptos (buying, storing, selling, etc...)

[hotforblockchain]

i usually tend not to explain crypto market situation with news but in this case it could indeed be the case.

" BlackRock" is a HUGE fund which manages 6,3 Trillion in assets , to  put it in perspective - this fund is 21 times bigger than the whole crypto market together!!!
Crpto universe is dwarfed by this Giant.

Thus i believe this was something like catalisator for btc jump.

[waqasniaz007]

Following new last week that billionaire investor Steven Cohen was said to have put money into a hedge fund focusing on crypto, Bitcoin et al. are extending gains today following headlines that BlackRock has formed a team to look into ways to take advantage of the cryptocurrency market and blockchain.

In the last week we have seen the owner of Switzerland’s securities exchange in Zurich say it’s creating a platform for trading digital assets.

Then, according to Fortune, none other than billionaire Steve Cohen has decided to join the bitcoin party and has invested in a Autonomous Partners, a relatively new hedge fund that is acquiring both cryptocurrencies and blockchain-related companies.

And now, as Financial News reports, the world's largest asset manager will examine whether the manager of $6.3 trillion of assets should invest in Bitcoin futures.  It is also reportedly reviewing what competitors are doing with cryptocurrencies and how it would affect its business.

Notably, the formation of the team marks a change for the company after CEO Larry Fink said in October cryptocurrencies are a speculative platform in Asia and heavily used for money laundering. He has also said Bitcoin and other cryptocurrencies were “far from” being an opportunity for institutional investors, and none of BlackRock’s clients wanted to invest in it, according to Financial News.

And all of this comes after JPMorgan, Fidelity, and CME among others have stepped into the crypto mix.

Bitcoin has spiked back above $6500, back at one-week highs...



And the rest of the crypto space is rising also - led by Bitcoin Cash...



So the big question is - Is the institutional investor finally ready to join the crypto party?

https://www.zerohedge.com/news/2018-07-16/bitcoin-bounces-back-above-6500-after-blackrock-creates-crypto-team

....

Here is one explanation for bitcoin's rise above $6500 that I've seen.

Are there other events or circumstances which could explain the recent price appreciation we've witnessed? Do you think this latest rise in bitcoin price will be sustained or are we witnessing a so called "dead cat bounce" where price hikes will be negligible over the long term?

I still suspect the value of bitcoin is being pushed down via market manipulation (and perhaps institutional investors) although I still have no solid evidence for this. It should be mentioned that pushing the price down and scaring HODLers into selling could be the best strategy to create an accumulation stage where institutional investors are able to "buy in" before the next pump and dump phase.

Anyways does anyone have an idea as to what is going on here?  

This is not the reason for bitcoin price spiked.  There will be big decisions bitcoin ETF on 10 August and people started accumulation mostly financial institutions. If SEC approves it than BTC will be double triple in next 2 months.

[ningo]

Well right now we are above the 6500$ and above 7000$ .In the mist of this ,many people are of the view that the great predictions for the year are about to see the light of the day.As this is a move in a positive direction and most cryptocurrency enthusiasts are glad about this trend.