Technical Analysis:
BITCOIN is trading around 62900 and we have got a MSS on the daily TF to the upside. We can look for selling opportunities from here and target 58000-59000 zone again. If price reaches these zone we can look for buying opportunities again till 65000-66000 zones.
Fundamentals:
BlackRock CEO Larry Fink now sees Bitcoin’s potential as a legitimate financial instrument, citing its ability to provide uncorrelated returns and hedge against currency debasement.
BlackRock is the world’s largest asset management firm reporting $10.6 trillion in assets under management.
Speaking to Fink said he went away and studied Bitcoin and learned about the asset class and has now changed his opinion.
“I’m a major believer that there is a role for Bitcoin in portfolios,” said Fink.
Fink’s stance on Bitcoin has evolved significantly over the years, reflecting the broader journey of institutional acceptance of Bitcoin.
In the early years, BlackRock CEO was sceptical about Bitcoin and the broader crypto market. He frequently voiced concerns about the speculative nature of Bitcoin, emphasizing the risks associated with its volatility.Bitcoin Is a Legitimate Financial Instrument
“I believe Bitcoin is legitimate. I’m not trying to say there’s not that misuses like everything else. But it is a legitimate financial instrument that allows you to have a maybe uncorrelated non-correlated type of returns. I believe it is an instrument that you invest in when you’re more frightened, though. It is an instrument when you believe that countries are debasing their currency by access deficits,
Disclaimer: Trading carries risk. Practice effective risk management and consider your risk tolerance before trading.
