You would think the news that Coinbase Global Inc. had entered into a partnership with BlackRock Inc. to help institutional investors manage and trade Bitcoin would energize the slumping cryptocurrency market….
Although Coinbase’s shares rose some 30% last week on the news, Bitcoin fell. If the partnership had happened during the crypto mania of 2019-2021, you can be sure that Bitcoin would have soared and all the crypto evangelists on Twitter would have been out proselytizing in full force, preaching to all non-believers to “have fun staying poor.” Bitcoin’s disappointing reaction is especially concerning when you consider that this was just the latest in a string of what should have been a positive development that turned out not to be a catalyst. Recall that just a few months ago Fidelity Investments said it would begin to offer Bitcoin in retirement plans for customers, and the bear market in crypto kept on going.
Source: Bitcoin’s Limp Response to BlackRock-Coinbase Deal Is Negative – Bloomberg
