Digital currency-backed exchange-traded funds (ETFs) are expected to be integrated into “model portfolios” by the end of 2024, according to Samara Cohen, BlackRock’s chief investment officer for ETFs and Index Investments.
In a Bloomberg interview on July 29, Cohen discussed the current state of major financial institutions, including Morgan Stanley, Wells Fargo, and UBS, in relation to onboarding and promoting crypto ETFs.
She mentioned that these institutions are now engaged in risk analytics and due diligence, particularly focusing on Bitcoin (BTC) and Ether (ETH) within their portfolios.
Cohen noted, “What will happen toward the end of this year and into next year is we will see allocations into model portfolios which will give us much more of a steer into how investors are using them.”
Model portfolios, commonly offered by large brokerage firms, are diversified investment strategies that balance risk and return, providing investors with pre-designed templates or “recipes” for investing.
BlackRock anticipates that the management of model portfolios will grow from the current $4.2 trillion to $10 trillion over the next five years.
Earlier in July, Salim Ramji, global head of iShares and index investments at BlackRock, commented on the growing trend, stating, “It’s going to be massive,” and emphasizing the importance of fiduciary advisers in this shift.
Cohen highlighted that Bitcoin and Ether, though distinct in their use cases, serve as “portfolio diversifiers.”
Addressing the recent net outflows from spot Ether ETFs, she expressed no concern, noting the strong initial launch and the role these ETFs play as an “access point” for investors seeking exposure to ETH.
She remarked on the outflows from more expensive funds, such as the Grayscale Ethereum Trust, and noted investor interest in incorporating ETH into broader portfolios within trusted ecosystems.
Cohen also indicated that a spot ETF for altcoins like Solana (SOL) is unlikely in the near future.
Robert Mitchnick, BlackRock’s head of digital assets, echoed this sentiment at the Bitcoin 2024 conference, saying, “I don’t think we’re gonna see a long list of crypto ETFs.”
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Bitcoin encountered significant selling pressure after the Wall Street opening on July 29, as attempts to reach the $70,000 mark were decisively rejected.
Data from Cointelegraph Markets Pro and TradingView revealed that Bitcoin’s price dropped by 4.5% following a distribution phase.
After a steady climb over the weekend and during the initial Asian trading session, BTC/USD lost steam when Wall Street reopened, falling from a high of $70,016 on Bitstamp to a low of $66,839.
This price movement coincided with a notable transfer from a wallet linked to the U.S. government, involving approximately $2 billion in Bitcoin.
Trader Skew noted, “Transfer went to a fresh wallet by looks of it which typically is the precursor of OTC related auctions,” suggesting potential impacts on supply and price.
Charles Edwards, founder of Capriole Investments, expressed concern over the recurring pattern of government-related Bitcoin distributions affecting price trends.
He commented, “Just when you think all the excess supply dumping is over, the current admin finds another way to screw us.”
Analyzing recent market dynamics, Skew highlighted significant profit-taking at higher price levels, observing, “That push up from spot takers was met with passive spot selling, hence price didn’t sustain above $70K on LTF.”
READ MORE: Why Do We Need an RWA Tokenized Lending Blockchain Protocol?
The $69,000+ region remains a crucial psychological and liquidity threshold for Bitcoin, echoing its previous all-time high in 2021.
CoinGlass data indicated that while the liquidity above $69,000 remained intact, the price dipped to lower levels to access liquidity.
Skew anticipated further downside, noting bulls’ struggles to stabilize the market. Josh Rager, another well-known trader, cautioned that the market could see a series of lower highs, leading to a potential downtrend.
Trader CrypNuevo speculated on choppy price action ahead of the Federal Reserve’s meeting on July 31, stating, “When there is a big event like this FOMC, markets tend to be choppy until the news comes out.
“Big players step in with caution.
“Not an easy week.”
He also shared a chart suggesting possible Bitcoin price movements around the Fed’s decision.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
The U.S. government has transferred $2 billion worth of Bitcoin, despite former President Donald Trump’s recent statement that the U.S. would never sell its Bitcoin holdings.
This transfer, consisting of 29,800 Bitcoin, was moved from a government wallet, which held assets seized from the Silk Road marketplace in 2022, to an unknown address on July 29.
The funds have since been transferred to another unknown wallet.
This move comes just days after Trump, speaking at the Bitcoin 2024 conference in Nashville, Tennessee, made several pro-crypto promises.
He vowed that the U.S. government would retain its Bitcoin holdings and aimed to establish the U.S. as the “crypto capital of the world” through supportive policies, including the dismissal of Securities and Exchange Commission Chair Gary Gensler.
Additionally, Senator Cynthia Lummis announced legislation to designate Bitcoin as a strategic reserve asset for the U.S. She proposed acquiring 5% of Bitcoin’s total supply to hold as a Treasury asset, likening it to a modern “Louisiana Purchase.”
Catherine Chen, Binance’s head of VIP and institutional, commented to Cointelegraph that the attention on Bitcoin from high-profile U.S. figures is a “positive sign” for the digital asset sector.
READ MORE: Bitcoin Stabilizes Ahead of Critical Weekly Close Amid Presidential Candidates’ Crypto Plans
“What is clearly meaningful is that politicians and prominent industry leaders are explicitly stating their positions, recognizing the value of Bitcoin in the monetary system, and making it clear that crypto is important on their agenda,” Chen noted.
She highlighted Binance’s Capital, People, Technology (CPT) Framework, which aims to advance the crypto market under these strategic reserves.
Galaxy Digital CEO Mike Novogratz criticized the government’s Bitcoin transfer, calling it “tone deaf.” Some speculate this transfer might relate to a July 1 agreement between Coinbase and the U.S. Marshals Service to manage government-held crypto assets.
The U.S. government currently holds $12 billion in Bitcoin, primarily from seizures. However, not everyone believes Bitcoin will become a strategic reserve asset.
BlockTower Capital’s Ari Paul estimated a 10% chance of this happening within the next four years, suggesting skepticism about this direction for Bitcoin in the U.S. policy landscape.
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Presidential candidate Robert F. Kennedy Jr., also known as RFK Jr., argues that U.S. policymakers are increasingly recognizing Bitcoin’s inevitability and are rushing to establish a coherent digital asset strategy to maintain America’s financial leadership.
In an exclusive interview with Cointelegraph during the 2024 Bitcoin Conference in Nashville, Tennessee, RFK Jr. elaborated on his experiences with Bitcoin and its potential role in the nation’s monetary system.
Having left the Democratic Party in October 2023 to run as an independent, RFK Jr. reflected on his awareness of Bitcoin’s “transactional freedom” during the trucker strike in Canada.
He described the strike as “a very peaceful protest” where individuals were “exercising freedoms that we take for granted in this country, [like] freedom of assembly, freedom to petition their government.”
He noted that the Canadian government “portrayed it publicly as kind of a terrorist event,” and employed technologies like facial recognition to identify participants and freeze their bank accounts.
“I realized at that time that transactional freedom was as important as freedom of expression that is protected by the First Amendment,” RFK Jr. said.
Over two years later, he observes that U.S. policymakers are acknowledging the presence of 60 million Bitcoin users in the country, prompting a shift in their approach to digital asset regulation.
“I think now it’s past the point where it’s inevitable.
“And now, we need to move as a country that’s able to get some control over Bitcoin as part of a reserve,” he stated.
RFK Jr. believes that establishing a strategic Bitcoin reserve is essential for ensuring the future of the dollar as a permanent global reserve currency.
This move, he suggests, would help the United States retain its economic dominance in an increasingly digital world.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Bitcoin experienced notable volatility as Wall Street opened on July 31, with markets on edge due to upcoming U.S. macroeconomic events and the end-of-month close.
According to Cointelegraph Markets Pro and TradingView data, Bitcoin reached daily highs of $66,814 on Bitstamp, anticipating the Federal Reserve’s decision on interest rates.
While the CME Group’s FedWatch Tool suggests that the Federal Open Market Committee (FOMC) is unlikely to change rates until September, traders are focused on comments from Fed Chair Jerome Powell.
“We anticipate increased volatility ahead of tonight’s FOMC.
“We do not expect a cut and place higher importance on the statement and Powell’s presser after,” trading firm QCP Capital noted in a bulletin to its Telegram subscribers.
The firm expects a rate cut in both September and December, but warns that any deviation from this expectation could trigger risk-off movements across all asset classes, including cryptocurrencies.
European economic data further underscored potential challenges, with eurozone inflation rising to 2.6%, surpassing the expected 2.5%.
“Core inflation in Europe hit 2.9%, above expectations of 2.8%,” The Kobeissi Letter commented on X, highlighting concerns about rising inflation in the region.
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Amid these macroeconomic developments, major technology stocks faced pressure, with recent earnings reports failing to boost market sentiment.
Keith Alan, co-founder of trading resource Material Indicators, expressed caution, noting the potential for increased volatility as Bitcoin approached its monthly candle close.
He pointed out the significance of the 21-week simple moving average (SMA) at $65,700 as a critical support level.
“Losing the 21-Week MA would open the door to fill some CME Gaps, but at the moment we do have some bid support laddered in the $63k – $65k range,” Alan wrote, emphasizing market anticipation for Powell’s remarks and the monthly close.
Monitoring resource CoinGlass indicated rising buy liquidity around $65,500. Trader Mark Cullen added, “I was expecting Bitcoin to provide us with a bit more of a bounce yesterday, but ultimately I’m still looking for that 63k range low to get swept,” anticipating further volatility with the FOMC rate decision approaching.
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The United States’ rising national debt, now exceeding $35 trillion, is raising alarms about the economy’s health.
Analysts suggest that this growing debt could drive greater adoption of Bitcoin as a safe-haven asset.
Matt Bell, CEO of Turbofish, highlighted the potential for Bitcoin in the face of fiat currency devaluation: “The recent news of the US national debt reaching the record high of $35 trillion highlights growing concerns around the sustainability of traditional fiat currencies.
This situation stresses the importance of Bitcoin as ‘hard money’ — a decentralized and deflationary asset that offers a hedge against currency devaluation.”
Investors often turn to safe-haven assets like Bitcoin and gold during times of fiat currency instability to safeguard their purchasing power. Historical trends show Bitcoin’s value rising during periods of financial distress.
According to Bitfinex analysts, the burgeoning US debt could drive Bitcoin prices to new heights as government bonds lose appeal.
They stated, “The US national debt of $35 trillion highlights the importance of Bitcoin as ‘hard money’ and potentially acts as a catalyst for the next upward cycle in Bitcoin […] This may drive investors to seek alternative stores of value like Bitcoin, which is often perceived as a hedge against economic inefficiencies.”
The analysts also pointed out that a significant portion of the current US national debt is linked to inflation and the ease of printing money.
They noted, “Bitcoin can rightly be called one of the only true hard currencies because it’s protected against inflation to a large degree, has a limited supply, is durable due to its digital nature and is increasingly available.”
Crypto analyst Rekt Capital predicted a possible breakout in Bitcoin’s price in September, saying, “Bitcoin is still on track for a September breakout.
History suggests that a breakout from the ReAccumulation Range mere ~100 days after the Halving was always going to be unlikely.”
As of July 31, Bitcoin’s price had risen over 8.3% in the past month, trading just above $66,000, according to Bitstamp data. Despite this increase, Bitcoin remains 10.5% below its all-time high of $73,750.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Bitcoin encountered significant selling pressure after the Wall Street opening on July 29, as attempts to reach the $70,000 mark were decisively rejected.
Data from Cointelegraph Markets Pro and TradingView revealed that Bitcoin’s price dropped by 4.5% following a distribution phase.
After a steady climb over the weekend and during the initial Asian trading session, BTC/USD lost steam when Wall Street reopened, falling from a high of $70,016 on Bitstamp to a low of $66,839.
This price movement coincided with a notable transfer from a wallet linked to the U.S. government, involving approximately $2 billion in Bitcoin.
Trader Skew noted, “Transfer went to a fresh wallet by looks of it which typically is the precursor of OTC related auctions,” suggesting potential impacts on supply and price.
Charles Edwards, founder of Capriole Investments, expressed concern over the recurring pattern of government-related Bitcoin distributions affecting price trends.
He commented, “Just when you think all the excess supply dumping is over, the current admin finds another way to screw us.”
Analyzing recent market dynamics, Skew highlighted significant profit-taking at higher price levels, observing, “That push up from spot takers was met with passive spot selling, hence price didn’t sustain above $70K on LTF.”
READ MORE: Why Do We Need an RWA Tokenized Lending Blockchain Protocol?
The $69,000+ region remains a crucial psychological and liquidity threshold for Bitcoin, echoing its previous all-time high in 2021.
CoinGlass data indicated that while the liquidity above $69,000 remained intact, the price dipped to lower levels to access liquidity.
Skew anticipated further downside, noting bulls’ struggles to stabilize the market. Josh Rager, another well-known trader, cautioned that the market could see a series of lower highs, leading to a potential downtrend.
Trader CrypNuevo speculated on choppy price action ahead of the Federal Reserve’s meeting on July 31, stating, “When there is a big event like this FOMC, markets tend to be choppy until the news comes out.
“Big players step in with caution.
“Not an easy week.”
He also shared a chart suggesting possible Bitcoin price movements around the Fed’s decision.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
In Kyiv, Ukraine, police have arrested four men, aged 24 to 29, for allegedly kidnapping and murdering a 29-year-old foreign national Bitcoiner.
The suspects reportedly planned the attack and executed it around midnight on July 29, according to Kyiv Police.
Residents alerted the police after hearing screams and witnessing the victim being forcibly pushed into a car by several individuals.
The victim was subsequently taken to an abandoned building, where he was coerced into transferring approximately 7 million Ukrainian hryvnias worth of Bitcoin (about 2.55 BTC).
The attackers then strangled the victim and buried his body in a nearby forest.
Kyiv Police stated that the suspects attempted to conceal their crime by altering the car’s appearance and changing its license plates.
After the crime, they converted the stolen Bitcoin into U.S. dollars and euros.
However, they were eventually apprehended by the authorities.
Prosecutors in Kyiv are preparing to charge the four men with murder, robbery, illegal deprivation of liberty by an organized group, and concealment of a crime.
If convicted, they could face life imprisonment.
This incident highlights the dangers that continue to plague the cryptocurrency community.
Notably, in 2022, a crypto millionaire was found dismembered in a suitcase in Argentina, and another individual was murdered with a dumbbell in Bulgaria, with their remains disposed of in a drain.
Bitcoin cypherpunk Jameson Lopp has noted that criminals often identify potential victims through social media, public discussions, meetups, and conferences.
Lopp advises against engaging in peer-to-peer trades with untrusted individuals, flaunting wealth on social media, or wearing crypto-branded clothing.
“The general premise is that if criminals are less aware of you, they are less likely to target you,” he emphasized.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Digital currency-backed exchange-traded funds (ETFs) are expected to be integrated into “model portfolios” by the end of 2024, according to Samara Cohen, BlackRock’s chief investment officer for ETFs and Index Investments.
In a Bloomberg interview on July 29, Cohen discussed the current state of major financial institutions, including Morgan Stanley, Wells Fargo, and UBS, in relation to onboarding and promoting crypto ETFs.
She mentioned that these institutions are now engaged in risk analytics and due diligence, particularly focusing on Bitcoin (BTC) and Ether (ETH) within their portfolios.
Cohen noted, “What will happen toward the end of this year and into next year is we will see allocations into model portfolios which will give us much more of a steer into how investors are using them.”
Model portfolios, commonly offered by large brokerage firms, are diversified investment strategies that balance risk and return, providing investors with pre-designed templates or “recipes” for investing.
BlackRock anticipates that the management of model portfolios will grow from the current $4.2 trillion to $10 trillion over the next five years.
Earlier in July, Salim Ramji, global head of iShares and index investments at BlackRock, commented on the growing trend, stating, “It’s going to be massive,” and emphasizing the importance of fiduciary advisers in this shift.
Cohen highlighted that Bitcoin and Ether, though distinct in their use cases, serve as “portfolio diversifiers.”
Addressing the recent net outflows from spot Ether ETFs, she expressed no concern, noting the strong initial launch and the role these ETFs play as an “access point” for investors seeking exposure to ETH.
She remarked on the outflows from more expensive funds, such as the Grayscale Ethereum Trust, and noted investor interest in incorporating ETH into broader portfolios within trusted ecosystems.
Cohen also indicated that a spot ETF for altcoins like Solana (SOL) is unlikely in the near future.
Robert Mitchnick, BlackRock’s head of digital assets, echoed this sentiment at the Bitcoin 2024 conference, saying, “I don’t think we’re gonna see a long list of crypto ETFs.”
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
Bitcoin‘s recent price movements have been characterized by a pattern of lower highs, with attempts to reach all-time highs being consistently thwarted by sellers.
This pattern has caught the attention of traders, who are monitoring the market closely.
Data from Cointelegraph Markets Pro and TradingView indicates that the $70,000 mark has been a significant resistance level for Bitcoin’s price rebound in July.
Despite hopes among Bitcoin bulls for a return to the $73,800 all-time high reached in March, sellers have kept the market in check.
Traders are now noting this repeated phenomenon, which has resulted in Bitcoin’s price being pushed down within a five-month trading range.
Daan Crypto Trades, a popular trader, highlighted the abundance of liquidity above $70,000, suggesting that stop losses and liquidation levels from short positions are clustered there.
In a post on X on July 30, he noted, “Bitcoin With a couple of lower highs in close proximity of each other. Likely for a lot of liquidity to sit above these levels in the form of stop losses/liquidation levels from shorts.”
Daan Crypto Trades identified $72,000 as a critical level for bulls to surpass, and mentioned potential buy-liquidity below the current price.
According to analysis, if BTC/USD falls below $64,000, this liquidity could become significant.
He predicted, “Seeing it’s also at all time high, I think once we take the June 7th high we’ll break all.” He also pointed out support around $63,000-$63,500, noting that “we got some wicks around $63K-$63.5K which likely got some long stops below.”
Josh Rager, another trader and analyst, expressed disinterest in trading without a clear breakout, stating, “Not much has changed here for BTC… Get a daily close higher and I’ll be interested again.”
Pseudonymous trader Horse on X also questioned the strength of Bitcoin’s recent rise to $70,000, pointing out a lack of spot buyer interest and suggesting that the movement was driven by open interest rather than actual price increases.
He commented, “Market depth has shifted unfavorably across the board… This could just mean the ride upward is a bit more melty and grindy before things get slippery higher.”
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.