Namely, BlackRock (NYSE: BLK) made a major push into the crypto space by partnering with the crypto exchange Coinbase (NASDAQ: COIN). This cooperation will link BlackRock’s institutional clients who already own assets on Coinbase into the Aladdin asset manager suite of tools, which enables BlackRock’s clients to manage their portfolios and asses risks on investments via various approaches the software enables, the crypto exchange announced on August 4.
Crypto democracy
Former BlackRock executive predicted that crypto will have a place in everyone’s portfolio, therefore this move comes as a logical continuation of that paradigm. Meanwhile, Jim Cramer joined Andrew Ross Sorkin to discuss this new move on CNBC and whether it adds more value to Coinbase. Cramer also added:
COIN chart and analysis
At the time of writing, COIN is up by 22.10% following the news of the partnership. After multiple bottoms have been noted on the daily chart, the change of momentum now seems superfluous to mention. The short-term trend is now very positive for the stock, and further gains should turn the long-term trend positive as well. Meanwhile, the previous resistance zone of $101.57 was broken and the new resistance line is at $125.22, while support is now at $81.84. Meanwhile, both BlackRock and Coinbase will continue to work on this cooperation to improve the platform and integration with Aladdin, which should roll out functionalities in phases. Access to the platform will be given to institutions contracted with both parties. Buy stocks now with Interactive Brokers – the most advanced investment platform Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
