With an unwavering conviction in the potential of cryptocurrencies, Larry Fink, the CEO of BlackRock, recently expressed a stronger faith in digital assets as investment tools. Fink believes that cryptocurrencies have the potential to “transcend any one currency.” This stance has significant implications for the best cryptocurrencies to buy now.
In a recent interview with CNBC, Fink refrained from delving into specifics about Bitcoin, citing BlackRock’s pending application for a spot market Bitcoin Exchange Traded Fund (ETF) with the U.S. Securities and Exchange Commission. However, he did highlight the unique value of cryptocurrencies compared to other investment classes.
BlackRock, which manages an enormous $9.5 trillion in assets, applied for SEC approval of a spot Bitcoin ETF on June 15. This move is believed to have encouraged other institutional investors to direct capital toward the crypto sphere, ultimately driving the asset to reach its peak value in the past twelve months.
Fink believes that crypto has the potential to go beyond the boundaries of a single currency in terms of valuation. He argues that an “international crypto product” could offer a solution to the issue of dollar devaluation due to its inherently borderless nature.
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The launch of a Bitcoin ETF on the spot market could provide institutional investors with a gateway to access Bitcoin without needing to deal with the complex issues of storage. If the ETF receives regulatory approval, it could result in a significant inflow of capital into the market.
While Fink’s optimism for cryptocurrencies is strong, it is important to consider the current market conditions. Bitcoin recently experienced a pullback to its range low and is currently testing the Fib 0.236 level at $30,159. The overall cryptocurrency market cap is also dropping by 4.44% to $1.166 trillion.
However, despite this short-term pullback, the overall bullish trend in the cryptocurrency market remains intact. This dip may present a buying opportunity for those who have been waiting to enter the market before Bitcoin’s next potential leg up.
In terms of specific cryptocurrencies to consider, Lido DAO (LDO), Wall Street Memes ($WSM), Polygon (MATIC), Chimpzee (CHMPZ), and ApeCoin are some of the top options based on their strong fundamentals and positive technicals.
Lido DAO (LDO) recently faced selling pressure around the Fib 0.236 level of $2.331, resulting in a slight pullback from its previous gains. However, the overall trend remains bullish, with key support and resistance levels to watch closely.
Wall Street Memes is launching the $WSM meme coin, drawing significant attention as one of the most highly anticipated meme coin launches. The project reflects the spirit of the retail investors who challenged the Wall Street establishment, and its previous successes highlight its potential for future price hikes.
Polygon (MATIC) is currently struggling to overcome a horizontal resistance area and the 100-day EMA. While the short-term indicators suggest some bearish sentiment, the ascending EMAs and support levels indicate potential bullish potential.
Chimpzee (CHMPZ) is a charity-focused crypto start-up that has caught the attention of web3 industry observers. The project has raised over $844,000 so far through its presale and aims to make a difference through its charitable endeavors.
As always, investors are advised to proceed cautiously and consider the potential risks and rewards associated with any investment. Watching key support and resistance levels, monitoring indicators such as the RSI and MACD, and staying informed about market trends are crucial in formulating effective trading strategies.
