BlackRock CEO Bullish on Bitcoin While Prices Hold Steady

Written by BTSE

July 6, 2023

Trending Tokens on BTSE:

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(as of  2:40 AM UTC, July 6, 2023) 


As trading continued overnight, prices of large market cap cryptocurrencies remained stable, and within their respective ranges. These small movements almost exclusively include minor slides in prices for the giants, with Bitcoin (BTC) and Ethereum (ETH) retreating 0.95% and 1.43% respectively, and Ripple (XRP) experiencing a fall of 2.31%. Solana (SOL), however, bucks the wider trend among large market caps and continues to make gains. 

Meanwhile, BlackRock’s CEO Larry Fink has spoken out in favor of the concept of Bitcoin, and is quoted as saying that Bitcoin could ‘revolutionize finance’. This is in stark contrast to his comments 5 years ago, where he described cryptocurrencies as widely being used for “illicit activities”. Fink’s comment follows BlackRock’s application for a Bitcoin ETF – however, despite the waves in the market his company’s application with US agencies made, Fink’s latest comment doesn’t  appear to have rocked the market on such a magnitude. 

Over in Thailand, a report released by Coindesk shows that Thai prime minister hopeful and leader of the Move Forward Party, Pita Limjaroenrat, holds cryptocurrency assets in his name. The report notes thatLimjaroenrat’s crypto holdings are not as significant as his traditional asset holdings, particularly in land and equities. Time will tell what this means for the country, but it does raise hopes for a more crypto-positive outlook by government bodies in the jurisdiction.

In regulatory news, a bill has been introduced in Israel that would both exempt foreign residents from capital gains taxes on cryptocurrency, while also reducing tax on crypto options for crypto industry employees. The bill boosts  support of the Israeli prime minister Benjamin Netanyahu, and is the latest in the country’s history of efforts to integrate its economy with cryptocurrency, in the pursuit of the economic benefits offered by the industry.  

Moving forward, traders and analysts alike will continue to look for the next big development that will shake large market cap cryptocurrencies out of their current holding pattern. 


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