Asset Management Firm BlackRock Lost $1.7 Trillion in First Half

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Today’s Cryptocurrency Headline

Asset management firm BlackRock lost $1.7 trillion in the first half of the year, the biggest six-month loss on record, according to Bloomberg. Although BlackRock has no plans to launch any bitcoin products, the company is bullish on blockchain technology. In April, BlackRock launched a blockchain and technology ETF to give investors access to companies involved in blockchain technology. The fund has a portfolio of 33 companies, including Coinbase, Riot Blockchain and Galaxy Digital.

BingX’s Bitcoin Chart

Source: TradingView & BingX

According to CoinShare, digital asset investment products saw inflows totalling US$12m last week, although US$15m of that were inflows into short (inverse price) investment products, with net outflows for long investment products totalling US$2.6m. Bitcoin is down 1.2% over the last 24 hours and fell to an intraday high of $22,341.46. The largest cryptocurrency is getting rejected from the $23K-$24K resistance level, suggesting the seller remains active at this level. A decisive breakout above the $24K could lead the price rally to $28,000.

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