BlackRock’s Entry Into Crypto Matters More Than U.S. Election, QCP Capital’s Darius Sit Says
BlackRock CEO Larry Fink on CNBC means more to QCP’s founder and chief investment officer rather than presidential candidates promoting crypto.
Binary trading platforms with better performance and payouts
QCP Capital
BlackRock CEO Larry Fink on CNBC means more to QCP’s founder and chief investment officer rather than presidential candidates promoting crypto.
Bitcoin held above the $60,000 key support level, while Ethereum’s ETH fell to near its weakest level against BTC since mid-September.
Bitcoin’s price is currently retesting its “Bull Market Support Band” trend indicator, where prices often rebounded from pullbacks during uptrends.
Friday’s crypto rally defied past days’ correlation with U.S equities, which continued their losing streak.
Upcoming consumer price index and labor market data releases in the next few days could be key for what’s next for bitcoin’s price.
One market observer noted “very concentrated call buying” looking to profit from a rally to between $74,000 and $80,000 by the end of this month.
Seventeen of the twenty assets in the CoinDesk 20 Index (CD20) booked gains, underscoring the uptrend in the broader crypto market.
Crypto-focused stocks also bounced higher, led by bitcoin miners Riot Platforms and Hut 8.
Both companies plan to develop new institutional digital offerings, while QCP is set to open an Abu Dhabi shop.
Bitcoin could enter a period of consolidation before its next leg in the rally, observers noted.