Cryptocurrency Prices Surge Amid Conflicting Stories About BlackRock Inc.
Cryptocurrency prices have risen significantly on the back of reports that BlackRock Inc., a prominent asset management firm was seriously looking into cryptocurrency investments. Apart from Tether, all other top ten coins have experienced positive gains today with Bitcoin Cash leading the way at more than ten percent.
However, things seem to have taken another turn as BlackRock CEO; Larry Fink, denied any such plans by the company. Prices have yet to react to the news, but if historical trends are anything to go by, then this latest bull rally might be dead in the water.
Cryptocurrency Market in the Green
Apart from Tether, all other top ten coins have recorded positive growth figures since news broke out that BlackRock was looking at getting into the market. Bitcoin has gained almost five percent, crossing the $6,600 mark in the process. The top-ranked cryptocurrency has gained nearly $300 in a single day which is the highest 24-hour growth in the last two weeks.
Much of today’s price surge has been attributed to reports that BlackRock was gearing up to invest in cryptocurrencies. According to anonymous inside sources, the world’s largest ETF provider had set up a team to evaluate cryptocurrency and blockchain technology investments.
BlackRock CEO Dismisses Cryptocurrency Investment Claims
A few hours ago, Larry Fink, speaking to Bloomberg TV, dismissed earlier reports that his company was keen on crypto investments, saying:
“I don’t believe any client has sought out crypto exposure. I’ve not heard from one client who says, ‘I need to be in this.’”
According to Fink, BlackRock has no intention of trading in cryptocurrencies or in futures contracts based on the underlying asset. Instead, the company is keeping a watchful observance of the market to see how virtual coins behave.
There is no doubt that Fink’s comments are a complete reversal of the earlier narrative. The BlackRock CEO has a history of harsh cryptocurrency criticisms. In 2017, he said criminals loved Bitcoin because of the anonymity of the payment system. According to him, Bitcoin and other cryptos are purely speculative.
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