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BlackRock – the world’s largest asset manager, is gearing up to launch a Bitcoin-linked exchange-traded product (ETP) in Europe. This marks its first foray into the European crypto market. The fund is expected to be based in Switzerland. This move follows the success of BlackRock’s US-based iShares Bitcoin Trust (IBIT), which currently manages $58 billion in assets. BlackRock’s Bitcoin ETP According to the Bloomberg report , the European ETP is anticipated to be marketed as early as this month. While cryptocurrency ETPs have been available in European markets for several years, BlackRock’s entry into the space adds significant weight. The firm’s global reputation and experience in managing exchange-traded funds (ETFs) – with more than $4.4 trillion in assets under management – may help attract significant investor interest. Unlike North America, where crypto-related ETFs have already seen a notable adoption, Europe’s market remains relatively smaller at $17.3 billion, compared to the US market’s whopping $116 billion across 12 Bitcoin-linked funds. At the recent World Economic Forum in Davos, BlackRock CEO Larry Fink spoke about Bitcoin’s potential as a hedge against currency debasement, a perspective that aligns with the broader trend of financial institutions warming up to digital assets as regulatory clarity improves. Institutional Interest Grows in Europe The re-election of US President Donald Trump has further fueled market optimism, with Bitcoin prices soaring to record highs of $109,241 in January amid strong investor confidence and heightened demand. Meanwhile, new crypto rules in the form of MiCA came into effect in late December in the European Union. The European market is becoming increasingly competitive , with more than 160 ETPs tracking Bitcoin, Ethereum, and other tokens. BlackRock’s entry into the region could intensify competition while offering investors a new, institutionally backed option. The latest move comes amidst a growing trend among investment firms aiming to expand crypto-backed securities in Europe. For instance, Kraken recently received approval to offer derivatives, joining the likes of Bitstamp and other platforms. Increased competition in the European crypto ETP space has led to fee reductions, with some expense ratios previously hitting 2.5%. However, the fee structure for BlackRock’s upcoming European crypto ETP remains uncertain. The post BlackRock Expands Crypto Offerings With Bitcoin ETP in Europe: Report appeared first on CryptoPotato .
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SEC Solicits Public Comments on Grayscale Solana Trust Proposal Amid Changing Regulatory Landscape
The recent move by the SEC to solicit public comments on the Grayscale Solana Trust indicates a significant shift in regulatory attitudes towards cryptocurrencies. This proposal marks a pivotal moment Crypto Potato
BNB Price Poised to Rally—If It Can Overcome This Hurdle
BNB price is recovering losses from the $540 support zone. The price is rising and might aim for a fresh move toward the $635 resistance. BNB price is struggling to clear the $585 resistance zone. The price is now trading near $580 and the 100-hourly simple moving average. There was a break above a key bearish trend line with resistance at $578 on the hourly chart of the BNB/USD pair (data source from Binance). The pair must stay above the $560 level to start another increase in the near term. BNB Price Eyes Fresh Surge After a decent increase, BNB price struggled to settle above the $620 level. It started a pullback from the $619 high, like Ethereum and Bitcoin . There was a drop below the $600 support zone. The price even dived below the $580 level. A low was formed at $559 and the price recently started a decent recovery wave. There was a move above the $570 level. The price climbed above the 23.6% Fib retracement level of the downward move from the $619 swing high to the $559 low. There was a break above a key bearish trend line with resistance at $578 on the hourly chart of the BNB/USD pair. The price is now trading near $580 and the 100-hourly simple moving average. If there is a fresh increase, the price could face resistance near the $590 level or the 50% Fib retracement level of the downward move from the $619 swing high to the $559 low. The next resistance sits near the $595 level. A clear move above the $595 zone could send the price higher. In the stated case, BNB price could test $605. A close above the $605 resistance might set the pace for a larger move toward the $620 resistance. Any more gains might call for a test of the $632 level in the near term. Another Decline? If BNB fails to clear the $590 resistance, it could start another decline. Initial support on the downside is near the $570 level. The next major support is near the $560 level. The main support sits at $540. If there is a downside break below the $540 support, the price could drop toward the $532 support. Any more losses could initiate a larger decline toward the $510 level. Technical Indicators Hourly MACD – The MACD for BNB/USD is gaining pace in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BNB/USD is currently above the 50 level. Major Support Levels – $560 and $540. Major Resistance Levels – $590 and $605. Crypto Potato
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