Down some 65% from highs, Bitcoin is having a rebound today as we learn Black Rock is joining the crypto space.
Financial News writes:
BlackRock has set up a working group to investigate ways the world’s largest asset manager can take advantage of the fast-growing cryptocurrency market despite its chief executive lambasting the bitcoin sector.
The $6.3tn investment powerhouse has created a team from different parts of the business to investigate cryptocurrencies and their underlying infrastructure, blockchain, according to two people familiar with the matter.
The working group, which includes New York multi-asset investment strategist Terry Simpson, will examine whether BlackRock should invest in bitcoin futures, one of the people said.
Full reading here.
Where to next?
The Bitcoin chart has managed putting in a possible double bottom formation. The trend is still negative, but should we see Bitcoin close above the 6900 level, the negative trend since February could be violated and the crypto could start moving higher again.