Bitcoin price steady ahead of Blackrock’s $10trn market entrance
Investment giant Blackrock's entrance into the crypto market could shake up the price of BTC
The price of Bitcoin has witnessed a positive rally this week after recovering from a volatile few weeks of floating around the higher end of the $30k mark, signalling a positive sign for investors and analysts.
However, speculation around BTC's price and whether it would consolidate around the $44k mark remains unclear, following the recent announcement of New York-based investment firm Blackrock's entrance into the crypto market.
The venture capital giant manages more than $10trn in assets for its insitutional clients and is the world’s largest asset manager by portfolio volume. The company is reportedly gearing up to offer a crypto trading service for its clients, which will allow them to trade through Alladin, the asset manager’s integrated investment management platform.
The potential arrival of the firm was described as a “$10 trillion earthquake”, which could shake up the crypto market and push the price of BTC towards record market movements.
Market remains steady
Despite analysts at JPMorgan estimating that Bitcoin's "fair value" is around the $38k mark, data from CoinMarketCap shows that the price of BTC is trading in the green around the $44k mark, up from $41k the day before. The price of BTC is still down around 40% since its peak in November.
Other notable cryptocurrencies such as Ethereum, Cardano and XRP also witnessed a subtle increase over the last 24 hours.
KPMG also makes a move
KPMG Canada also joined the list of institutional investment firms looking to advance in the crypto sector, after announcing that it has purchased bitcoin and ethereum for its corporate treasury.
Benjie Thomas, Canadian managing partner, advisory services, KPMG in Canada, said: “This investment reflects our belief that institutional adoption of crypto assets and blockchain technology will continue to grow and become a regular part of the asset mix.”