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BlackRock Expands Crypto Offerings With Bitcoin ETP in Europe: Report

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 . Decrypt

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Bitcoin Price Attempts a Comeback: Can the Recovery Hold?

Bitcoin price is consolidating above the $95,500 support zone. BTC is showing a few positive signs and might attempt a recovery if it clears $100,000. Bitcoin started a fresh decline below the $100,000 level. The price is trading below $99,000 and the 100 hourly Simple moving average. There is a connecting bearish trend line forming with resistance at $98,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase if it clears the $100,000 zone. Bitcoin Price Holds Support Bitcoin price failed to continue higher above the $102,500 zone . It started another decline below the $99,000 zone. BTC gained bearish momentum for a move below the $98,500 and $96,500 levels. A low was formed at $95,700 and the price recently started a consolidation phase. There was a minor increase above the $97,000 level. The price surpassed the 23.6% Fib retracement level of the downward move from the $102,500 swing high to the $95,700 low. Bitcoin price is now trading below $98,500 and the 100 hourly Simple moving average . On the upside, immediate resistance is near the $98,000 level. There is also a connecting bearish trend line forming with resistance at $98,000 on the hourly chart of the BTC/USD pair. The first key resistance is near the $99,100 level or the 50% Fib retracement level of the downward move from the $102,500 swing high to the $95,700 low. The next key resistance could be $100,000. A close above the $100,000 resistance might send the price further higher. In the stated case, the price could rise and test the $101,200 resistance level. Any more gains might send the price toward the $102,500 level. Another Decline In BTC? If Bitcoin fails to rise above the $98,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $96,200 level. The first major support is near the $95,500 level. The next support is now near the $93,200 zone. Any more losses might send the price toward the $92,200 support in the near term. The main support sits at $90,900. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now near the 50 level. Major Support Levels – $96,200, followed by $95,500. Major Resistance Levels – $98,000 and $100,000. Decrypt