BlackRock Plans to Offer Cryptocurrency Trading Services

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Today’s Cryptocurrency Headline

BlackRock, the world’s largest asset manager, is preparing to offer a cryptocurrency trading service to its investor clients. The New York-based firm, which manages more than $10 trillion in assets for institutions, plans to enter the cryptocurrency space with “client support trading and then with their own credit facility,” one of the insiders said. Customers will be able to borrow against BlackRock with crypto assets as collateral. BlackRock will allow its clients, including public pension schemes, endowments and sovereign wealth funds, to use the asset manager’s integrated investment management platform, Aladdin (short for “Asset, Liability, Debt and Derivative Investment Network”) to trade cryptocurrencies. However, it’s unclear when the service will be announced.

BingX’s Bitcoin Chart

Source: TradingView& BingX

According to the US Bureau of Labor Statistics, the US CPI jumped 7.5%, the biggest year-on-year increase since February 1982. BTC has recovered close to $44,000, which indicates that the downtrend since November could be coming to an end. On a 4-hour timeframe, the price is being rejected by the $45k resistance zone at the moment. Furthermore, the daily relative strength indicator(RSI) has declined to 53, which indicates some buyers have taken some profit today.

 

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