After sideways trading for most of this week, Bitcoin and Ethereum prices show signs of life today as ETHUSD is up over 4%, establishing new support at the $1,700 level. On the other hand, Bitcoin remains relatively flat but manages to hold the support at the $23.3k level, with the short-term sentiment for crypto markets remaining bullish.
Crypto Market News
Today’s big news is Coinbase’s announcement of its partnership with BlackRock, a leading investment and asset management platform. Coinbase was selected by BlackRock to provide Aladdin clients access to crypto trading and custody through Coinbase Prime.
Aladdin is BlackRock’s portfolio management software, providing investment professionals with a way to view and manage their daily investments. Coinbase Prime is the platform’s institutional investor solution, providing integrated custody, an advanced trading platform, and prime services for users to manage their crypto assets.
The partnership between Coinbase and BlackRock sent both companies’ shares soaring, with Coinbase’s stock rising by over 40% this week and BlackRock’s shares up over 5%. The significant announcement is the likely reason for crypto markets’ bullish performance today, as opening up the doors to the billions of funds of institutional investors and exposing crypto markets to such capital is bound to get both crypto and non-crypto investors excited.
The global cryptocurrency market cap is currently at $1.09 trillion, safely above the $1 trillion level. This means we’ll likely continue seeing bullish momentum throughout the weekend as Bitcoin and Ethereum prices continue to lead the rally.
In other news, CME Group, the world’s leading derivatives platform and marketplace, announced plans to integrate Ethereum futures in addition to their Bitcoin futures denominated in Euro.
CME Group is scheduled to launch Bitcoin and Ether futures on August 29th, pending regulatory review. According to the announcement published on August 4th:
“Designed to match their U.S. dollar-denominated counterparts, Bitcoin Euro and Ether Euro futures contracts will be sized at five bitcoin and 50 ether per contract. These new contracts will be cash-settled, based on the CME CF Bitcoin-Euro Reference Rate and CME CF Ether-Euro Reference Rate, which serve as once-a-day reference rates of the euro-denominated price of bitcoin and ether.”
As the leading derivatives marketplace worldwide, the launch of Bitcoin and Ether derivatives at the end of August will provide additional exposure to institutional and retail capital that could flow into crypto markets, contributing to increased trading volume and liquidity, and ultimately providing further bullish momentum for cryptocurrency markets.
Bitcoin is trading at $23.2k, up 1.54% in the past 24 hours, with a global market capitalization of $440 billion. Ethereum is trading at $1,708, up 5.73% in the past 24 hours, with a global market cap of $205 billion. The global cryptocurrency market cap is at $1.09 trillion, up 1.16% today.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: monsitj/123RF
This post first appeared on: NullTX