Riding The Wave News Summary 161

Bitcoin is an international asset' — BlackRock CEO’s bullish remarks, Bitcoin No Longer Correlated to U.S. Stocks, Crypto Analytics Firm Block Scholes Says, & more

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News

Table of Contents

1. Tweets

2. ‘Bitcoin is an international asset' — BlackRock CEO’s bullish remarks

3. Bitcoin No Longer Correlated to U.S. Stocks, Crypto Analytics Firm Block Scholes Says

4. IMF eyes tens of billions in crypto asset taxes, has few suggestions for collecting them

5. Coinbase Suddenly Surges After Reports Suggest SEC Is Poised To Make A Game-Changing Decision That Could Play Havoc With The Price Of Bitcoin, Ethereum, BNB And XRP

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Tweets

https://twitter.com/TheCryptoLark/status/1676731852382683136

https://twitter.com/100trillionUSD/status/1676183326053347330

https://twitter.com/WatcherGuru/status/1675916066080403462

https://twitter.com/WhaleChart/status/1675790127870750720

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‘Bitcoin is an international asset' — BlackRock CEO’s bullish remarks

Larry Fink, the CEO of BlackRock, has delivered pro-crypto remarks amid the asset manager applying to list a spot Bitcoin exchange-traded fund (ETF) in the United States.

Speaking on Fox Business on July 5, Fink said the role of cryptocurrency was largely “digitizing gold,” suggesting U.S. regulators consider how an ETF directly linked to Bitcoin could democratize finance. During his time at BlackRock, Fink has often commented on major events affecting the crypto space, including the collapse of FTX in 2022 and rising interest in BTC.

“Let’s be clear: Bitcoin is an international asset,” said Fink. “It’s not based on any one currency, and so it can represent an asset that people can play as an alternative.”

Under Fink, BlackRock has attempted to launch a spot BTC ETF with cryptocurrency exchange Coinbase acting as a surveillance partner. It’s unclear if the Securities and Exchange Commission will approve the investment vehicle, given its track record of rejecting all previously filed spot BTC ETF applications to date.

Full Article

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Bitcoin No Longer Correlated to U.S. Stocks, Crypto Analytics Firm Block Scholes Says

Bitcoin's (BTC) fortune is no longer tied to sentiment in the U.S. stock markets.

The 90-day rolling correlation of changes in bitcoin's spot price to changes in Wall Street's tech-heavy equity index, Nasdaq, and the broader index, S&P 500, has declined to near zero. That's the lowest in two years, according to data tracked by crypto derivatives analytics firm Block Scholes.

"It [the correlation] is now at the lowest level observed since July 2021, when BTC was between its twin peaks in April and November," Andrew Melville, research analyst at BlockScholes, said in an email.

"The fall in correlation has happened as both assets have retraced losses sustained throughout last year's tightening cycle," Melville added.

The dwindling correlation with traditional risk assets means that crypto traders focusing solely on traditional market sentiment and macroeconomic developments may face disappointment.

Full Article

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IMF eyes tens of billions in crypto asset taxes, has few suggestions for collecting them