Bitcoin closed up five out of seven sessions last week and retraced up within the uptrend channel after reversing the downswing not far from the mid-channel. Bitcoin price is above $24,000 currently! A glance at the daily chart reveals Bitcoin is climbing to test the Fibonacci 23.6 resistance level! A breach above Fibonacci 23.6 around 24,800 level will take the price near the upper bound of the uptrend channel.
Bitcoin is rebounding after the stronger than expected U.S. jobs report boosted bets that the US Federal Reserve will raise rates by 75 basis points in September. With traders focused on upcoming US labor market report last week, BlackRock teamed with Coinbase to offer crypto for institutional investors, Portuguese banks proceeded closing crypto exchange accounts while surveys showed almost 7% of people in Spain have invested in crypto.
BlackRock, the world's biggest asset manager, has formed a partnership with publicly traded crypto exchange Coinbase to make crypto directly available to institutional investors. BlackRock had $8.5 trillion in assets under management as of the second quarter of 2022. Mutual customers of Coinbase and BlackRock’s investment management platform - Aladdin which has more than 200 institutional users, will have access to crypto trading, custody, prime brokerage and reporting capabilities through Coinbase Prime, an existing integrated trading platform for institutional crypto investors.
Portuguese crypto exchange CriptoLoja had its accounts shut last week despite obtaining regulatory approval to operate in the country. Banco Comercial Português, and Banco Santander (SAN) closed Portuguese crypto exchange CriptoLoja’s accounts. Portuguese banks have been closing crypto exchanges’ accounts over the past year, citing concerns about crypto exchanges facilitating money laundering and other criminal activities. Earlier this year, crypto exchanges Mind the Coin and Luso Digital Assets also had their accounts closed by Portuguese banks.
A survey by Spain's securities-market authority, CNMV, showed as much as 6.8% of the people in Spain have invested in crypto at some point. Profit expectations and faith in the underlying technology were cited as main drivers. At the same time 40% of crypto investors have indicated they consider cryptocurrencies to be regulated by law, while 29% think they have the same risks as other investments.