World’s Largest Asset Manager Joins Forces with Crypto Giant.

Read full article at The Capital.

Crypto Conquistador #054

Everything you need to know of today’s fast-moving crypto markets.

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Overview

  • Bank of England raises rates.
  • CME Group Euro-denominated crypto futures.
  • NEAR Wallets compromised?
  • Tacos and NFTs!

Good morning Fam,

Would you look at that! Two giants have teamed up.

The world’s largest asset manager, BlackRock, which accounts for $8.48 trillion of Assets Under Management (AuM), has partnered with the largest US crypto-exchange Coinbase.

And BlackRock’s goal is?

To bring crypto access to its institutional clients through its investment platform Aladdin.

In reaction, Coinbase stock climbed to a high of $116.30 today, more than doubling since recent lows of $44 during the US trading session.

Coinbase selected by BlackRock; provide Aladdin clients access to crypto trading and custody via…

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Market update 🌍

NDAQ/USD

The rapid rise of Nasdaq and the S&P 500 have arrived at strong resistance. So often, fast peaks meet with strong declines. Not saying it’s the case this time, but a retracement seems logical at these levels. For Nasdaq (NDAQ), a visit to the 173 support level seems probable, 4000.00 for the S&P 500 (SPX).

High-resolution chart

BTC/USDT

Unless the correlation between equities and Crypto begins splitting, the sector similarly appears primed for a visit to former support levels. Bitcoin continues its melt downwards to the 21.8k support zone, which coincides with the upward trendline. BTC completed the daily candle down -0.81% to $22,629.

High-resolution chart

ETH/USDT

Ether (ETH), on the other hand, has arrived to test its upward trendline. Little price action has occurred at this level for the past three days. The low liquidity atmosphere of the weekend could showcase some exciting price action in either direction. ETH completed the daily candle down -0.62% to $1,579.

High-resolution chart

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Newswatch 📰

“World’s most secure” crypto exchange hacked. The crypto-exchange ZB Exchange appears to have been hacked for $5m in tokens and has paused withdrawals. ZB Exchange dubs itself “The world’s most secure exchange”. The firm has not commented as of yet.

8% crypto cash back to Argentinians. Binance and Mastercard have partnered to release a prepaid crypto card in Argentina with up to 8% cash back on eligible purchases. In its beta phase, the project will give greater crypto payment access to the country.

News tidbits:

  • The Bank of England raises interest rates by 0.5% to 1.75%.
  • CME Group to launch Euro-denominated BTC and ETH futures.

At the protocol level ⛓

Frax backs Ethereum PoS. Stablecoin provider Frax has joined Tether to support Ethereum post-merge publicly. The co-founder, Sam Kazemian, has submitted a proposal for Frax, the project’s stablecoin, to be solely utilized on Ethereum PoS mainnet after the merge.

Near warns wallet users. Near wallets may have many of the same vulnerabilities as Solana wallets recently hacked. The Near team urges users to “rotate” their keys if they utilize email or SMS as recovery options.

Protocol level tidbits

  • Ethereum’s Sepolia testnet post-merge executions layer upgrade is expected Aug 17, 2022.

NFT & metaverse update 🐵

  • Tenacious Tacos to use NFTs for its customer loyalty program.
  • Meta expands Instagram NFT integration to 100 countries. Supported blockchains include Ethereum, Flow, and Polygon.

My Five Cents…

On July 28, Bloomberg released an article titled “The US economy shrinks for a second quarter, raising the odds of a recession”.

Nearly ten days later, they released “US Recession Odds are Falling Fast, JPMorgan Trading Model Shows”.

Bottom line: don’t buy into headlines!

Enjoy your weekend, folks!

Gabri

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Disclaimer

The publisher, writers, and chartists may hold positions in the tokens and assets discussed. Readers are encouraged to do their own research.

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World’s Largest Asset Manager Joins Forces with Crypto Giant. was originally published in The Capital on Medium, where people are continuing the conversation by highlighting and responding to this story.

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