Have the record summer temperatures fried investors’ brains? On August 11, BlackRock, whose chief executive described bitcoin in 2017 as an index for money laundering, launched a private trust for US institutions to invest in it.
BlackRock cited substantial interest from institutional clients despite the recent steep falls. From a peak in November 2021 of $2.96 trillion, the market capitalization of all cryptos fell 72% to just $836 billion in June 2022, as rising rates brought down all markets.
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