‘Opening The Floodgates’—Crypto Braced For A $10 Trillion Earthquake As The Price Of Bitcoin, Ethereum, BNB, XRP, Solana, Cardano And Dogecoin Swing

Bitcoin, ethereum and other major cryptocurrencies have struggled to maintain momentum after charging higher through July.

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The bitcoin price, down around 70% from its all-time highs, had begun to rally last month but has since stalled as traders await a Federal Reserve bombshell and a “hundred-pound gorilla gets closer by the day.” The price of other top ten coins ethereum, BNB
BNB
, XRP
XRP
, solana, cardano and dogecoin have also struggled.

Now, BlackRock, the world’s largest asset manager with $10 trillion in assest under management, has partnered with major crypto exchange Coinbase to provide its institutional clients with access to bitcoin.

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“This is a huge milestone for the crypto space, as it demonstrates the demand from BlackRock’s
BLK
clients and institutional investors to access bitcoin,” Marcus Sotiriou, analyst with digital asset broker GlobalBlock, said via email. “BlackRock is opening the floodgates for institutions to access bitcoin.”

Coinbase, widely regarded as one of the world’s biggest crypto on-ramps, announced this week it would connect to Aladdin, BlackRock’s investment technology platform that handled $21.6 trillion worth of assets in 2020, allowing the global investment industry access to bitcoin, with more cryptocurrencies potentially added later.

“Our institutional clients are increasingly interested in gaining exposure to…