The prices of major cryptocurrencies saw sharp fluctuations this week after rumors falsely suggested that the U.S. Securities and Exchange Commission (SEC) approved iShares’ spot Bitcoin exchange-traded fund (ETF). The move boosted various altcoins, including $ETH and $XRP, along with $BTC itself.
BlackRock’s CEO added that the firm has been “hearing from clients around the world about the need for crypto.” BlackRock, the world’s largest asset manager, has been slowly moving into the cryptocurrency space, and recently utilized JPMorgan’s blockchain-based collateral settlement system as part of a plan Fink could usher in “the next generation for markets.”
In June, BlackRock filed to launch a spot Bitcoin exchange-traded fund, seemingly igniting a domino effect as peers rushed to file similar applications. As a result, major financial powerhouses that collectively manage an astounding $27 trillion in assets are making inroads into the world of Bitcoin and cryptocurrency after a race to list the first spot Bitcoin ETF in the US.
Glasp is a social web highlighter that people can highlight and organize quotes and thoughts from the web, and access other like-minded people’s learning.