BlackRock CEO’s Bold Crypto Prediction After Bitcoin And Ethereum Price Crash

• BlackRock prediction on leading cryptocurrencies price.
• Dogecoin recovered 40% from the past week.
• Bitcoin and Ethereum are showing a healthy rise in price per CoinMarketCap data.

Leading cryptocurrencies are showing fluctuations in momentum after the sudden collapse of FTX, one of the major cryptocurrency exchanges in the world. The bitcoin price was down to 60%, plunging under $17,000 per bitcoin, and the second leading cryptocurrency, Ethereum, was reduced to 70% of its value from its all-time high in November 2021.

The American multinational investment company BlackRock, with total equity of $37 billion (USD), recently reacted to the tokenization of securities. The CEO of BlackRock, Larry Fink, earlier predicted a Bitcoin and Ethereum price crash. Larry Fink stated, “I believe the next generation for markets, the next generation for securities, will be tokenization of securities. I actually believe this technology is going to be very important.”

In August 2022, BlackRock stated, “common users of Aladdin and Coinbase will be able to manage their bitcoin exposures alongside their public and private investments for a whole-portfolio view of risk.”

BlackRock introduced the Aladdin portfolio management system to manage its holdings. Money managers like State Street, Pimco and Amundi have recently poured money into tech platforms to take on BlackRock.

Today’s Market Value Of Bitcoin And Ethereum

As per today’s CoinMarketCap data the major leading cryptocurrencies, Bitcoin and Ethereum, have shown a rise in price. As per the data, bitcoin rose to 2.7% and is currently trading at $17,360 (USD). And the second largest cryptocurrency, Ethereum, rose to 6.7%, trading at $1,301 (USD).

Meanwhile, Dogecoin, the most popular memecoin, has recovered 40% in the past seven days, currently trading at $0.1073. Total crypto market capitalization increased by 10% to $808 billion (USD). Twitter’s new CEO Elon Musk’s tweet helped Dogecoin’s price despite FTX’s bankruptcy – Musk’s favorite crypto is Dogecoin. And the remaining cryptocurrencies, Uniswap rose 12% to $6.12 (USD), Chainlink rose 11% to $7.59 (USD), and Polygon rose 8.4% to $0.922 (USD).

In less than two months, the S&P 500 rose16%. According to The Coin Republic, these Crypto assets recovered their market price on Wednesday when Jerome Powell, US Federal Reserve chair stated on record that smaller interest rate hikes were in store for the US economy.

 “It is likely that restoring price stability will require holding at a restrictive level for some time. History cautions strongly against prematurely loosening policy,” Jerome Powell added.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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