Share this article
BlackRock Strategist: Cryptocurrency Market Charts Look 'Pretty Scary'
Asset management giant BlackRock's top strategist shared his views on cryptocurrency markets in new comments.
By Stan Higgins
Updated Sep 11, 2021, 1:31 p.m. Published Jul 11, 2017, 8:40 p.m.
Make us preferred on Google
The chief investment strategist for the world's biggest asset manager expressed caution about the state of the cryptocurrency market in new comments to reporters.
BlackRock chief strategist Richard Turnill spoke after the firm – which manages more than $5tn in assets as of the end of March – released its mid-year investment outlook for 2017. While that report doesn't contain any analysis of the cryptocurrency market or the firm's predictions for its development, Turnill offered his take on the market today.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
According to Reuters, Turnill, in reference to the state of the cryptocurrency market, remarked: "I look at the charts, and to me that looks pretty scary."
Cryptocurrency markets have seen significant declines in recent days, with the price of ether, the cryptocurrency of the ethereum network, dropping below the $200 mark for the first time since the end of May.
In remarks, Turnill also said that, in his view, the market wouldn't pose any risks to the broader financial market in the event of a steeper sell-off.
"There's no evidence that if that price went to zero tomorrow that there'd be any broader financial implication over time, but to me it is example of where you're getting some big price movements in the market," he said.
Image via BlackRock/YouTube
Más para ti
Más para ti
Bitcoin holds near $68,000 as volatility cools, WLFI jumps ahead of Mar-a-Lago forum
Bitcoin trades in a tight range as derivatives stabilize and altcoins show pockets of strength ahead of key macro cues and a high-profile crypto event.
Lo que debes saber:
- Bitcoin is up 0.9% on Wednesday to around $68,000, holding between $65,100 and $72,000 since Feb. 6 as volatility and funding rates cool.
- Open interest sits at $15.5 billion, funding rates are flat to slightly negative, and options skew has eased, signaling a more balanced market.
- The Trump-backed WLFI token has surged nearly 19% in 24 hours ahead of a Mar-a-Lago crypto forum, while MORPHO extends its weekly rally.
Top Stories
