Buyers may be waiting for more concise details about Donald Trump’s crypto agenda in the next few days before the bullish cycle resumes. Another break above the $108,000 level would confirm the pattern’s bullish bias if it is accompanied by above-average volumes.
Meanwhile, the Relative Strength Index (RSI) has been on an uptrend since the beginning of the month and has already made two consecutive higher highs along the way.
BlackRock Manages the Largest Spot Bitcoin ETF in the World
BlackRock has acknowledged the potential of blockchain technology and cryptocurrencies as they were among the first companies to file an application for a spot Bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC).
After receiving the nod from the regulatory agency in January last year, the iShares Bitcoin Trust has grown to become the largest spot ETF linked to the cryptocurrency at the time of writing with $60 billion in assets under management (AUM). At this level, this ETF alone generates $150 million per year in management fees for BlackRock.
The decentralized nature of the Bitcoin network has been one of its most popular characteristics since the asset was presented to the world by Satoshi Nakamoto in 2009.
Although public figures like Fink – including the President of the U.S. Donald Trump – were initially skeptical about its prospects, the influence that Bitcoin has on the financial world these days is a testimony to the power of its model and the head of BlackRock seems to understand that as indicated by his views of how the cryptocurrency fits in the global geopolitical landscape.
