BlackRock had an AUM of about $8 trillion as of last year. To put things into perspective, that AUM standing is about 8x that of the current market capitalization of the entire cryptocurrency market. The Wall Street behemoth filed two Prospectus documents with the Commission, on behalf of BlackRock Funds V and BlackRock Global Allocation Fund Inc.
The part of the document that piqued the interest of many was the part suggesting that the company may carry out cash-settled Bitcoin futures contracts.
It read, “certain funds may engage in futures contracts based on Bitcoin. Bitcoin is a digital asset whose ownership and behavior are determined by participants in an online, peer-to-peer network that connects computers that run publicly accessible or “open source.” The only bitcoin futures in which the Funds may invest are cash-settled bitcoin futures traded on commodity exchanges registered with the CFTC.”
The CEO of BlackRock, Larry Fink, mentioned earlier that Bitcoin could become a threat to the US dollar. He added that the asset “caught the attention and the imagination of many people. Still untested, pretty small market relative to other markets. It sees these big giant moves every day… It’s a thin market. Can it evolve into a global market? Possibly.”
Key BTC Levels to Watch — January 20
Bitcoin continues to trade with immense volatility, following another erratic session that saw the cryptocurrency fall by about $3,000 through the day, followed by a sharp retracement halfway to its daily high.
We could see the benchmark cryptocurrency fall into consolidation near the $34,100 support in the near-term as it tries to pick up momentum to approach the $37,827 resistance once again. That said, except BTC successfully breaks the $37,827 resistance, we could see the pass-and-play pattern persist for a while.
Meanwhile, our key resistance levels are at $36,000, $37,000, and $37,827. While our key support levels are at $34,474, $34,100, and $33,000.
Total Market Capitalization: $1 trillion
Bitcoin Market Capitalization: $649 billion
Bitcoin Dominance: 64.9%
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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