BlackRock Bitcoin fund launch sends BTC price towards $25K

cointelegraph.com:

Bitcoin (BTC) continued towards $25,000 on the Aug. 11 Wall Street open amid news that the world's largest asset manager had launched a BTC product.

Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it spike to $24,921 on Bitstamp as United States stocks trading got underway.

While going on to consolidate slightly below the highs, the pair inspired confidence in market sentiment, with popular crypto industry figures already seeing positive implications of the BlackRock move.

"Here comes Wall Street...," former Grayscale CEO, Barry Silbert, responded.

For Blockware lead insights analyst, William Clemente, however, the news was a landmark event in Bitcoin's history.

"Last comment on the matter: Think the Blackrock news is probably the most bullish news for a long term Bitcoin holder ever," he told Twitter followers.

BlackRock's CEO, Larry Fink, had described Bitcoin just five years earlier as an "index of money laundering." He had appeared to change his tune by 2020, acknowledging the largest cryptocurrency's potential to become a "global market."

BlackRock's offering would take the form of a spot Bitcoin private trust, it confirmed in a statement.

"The trust is available to U.S. institutional clients and seeks to track the performance of bitcoin, less expenses and liabilities of the trust," it read.

As Cointelegraph reported, the firm's initial foray into Bitcoin this month came via a partnership with U.S. exchange Coinbase.

Turning to potential short-term price targets, the mood among commentators was thus flexible if still not outright bullish.

Related: Bitcoin battles 2-month resistance amid ‘most hated’ stocks rally

For on-chain monitoring resource Whalemap, potential upside and downside remained