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It’s not an easy year for the crypto industry. Much of the news over the past few months has been pessimistic; from layoffs at large companies, failed projects,
It’s not an easy year for the crypto industry. Much of the news over the past few months has been pessimistic; from layoffs at large companies, failed projects, and the fall in the value of major cryptocurrencies. But today, a piece of news appeared that seemed to have enough power to represent a change in trend.
Coinbase is partnering with BlackRock. The well-known exchange has announced an alliance with BlackRock, the world’s largest mutual fund with assets under management exceeding $10 billion. It was stated that thanks to this alliance, BlackRock will allow its institutional customers to buy with Bitcoin.
BlackRock has its own platform, Aladdin, on which it will allow the use of bitcoin. Coinbase will be responsible for trading, monitoring and reporting on cryptocurrency trading, while BlackRock will adapt its tool. Coinbase is putting out its cryptocurrency expertise and BlackRock is building a large number of top clients.
Stocks rose more than 40 percent. While growth is moderate at the moment, Coinbase shares are up more than 40%. Shareholders have welcomed this news with open arms, but there is still plenty of room to make up for what was lost during the year.
Still far from the good days. Looking back at this week, Coinbase is growing more than 50%, comfortably exceeding $90 per share again. It’s slightly more than the $50 he pointed out at the end of May, but well below the $200 he pointed out at the beginning of the year.
It represents a change in trend and little joy for the Coinbase company, which was not at its best and had to lay off 18% of its workforce.
A kick effect to counter the shorts. This alliance with BlackRock and the sudden growth could be seen by Coinbase as a ploy to fight against the ‘shorts’ of different investors. So there are investors who “bet” that Coinbase will continue to decline. According to CNBC, 22% of Coinbase shares were available for short selling.
An oasis that makes it difficult to change the overall dynamic. Coinbase’s growth is good news, but it’s too early to think that the general state of the crypto market will change. Even the likes of Elon Musk, who have traditionally championed crypto, have stopped relying on him to recoup their investment. But encouraging an investor as strong as BlackRock to step up means things might not be so bad behind the scenes.
Image | nasdaq
Source: Xataka
Alice Smith is a seasoned journalist and writer for Div Bracket. She has a keen sense of what’s important and is always on top of the latest trends. Alice provides in-depth coverage of the most talked-about news stories, delivering insightful and thought-provoking articles that keep her readers informed and engaged.
