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BlackRock recommends Bitcoin

BlackRock recommends Bitcoin

READING TIME: 4 mins 43 secs

Happy Wednesday!

Even the bigwigs at BlackRock are buying tickets for the Bitcoin rocket. Meanwhile, China's firing up the engines on the world's first blockchain satellite. Stay up-to-date with our daily 5-min web3 newsletter 💪🏽

Here's what we've got for you today:

💎 BlackRock suggests Bitcoin for optimal portfolio

🛰️ China launches the world's first blockchain satellite

👁️ SBF was an early investor in Worldcoin

💎 BlackRock suggests Bitcoin for optimal portfolio

BlackRock, the world's largest asset manager, has suggested a portfolio allocation heavily favoring Bitcoin, with 84.9% dedicated to cryptocurrency.

The suggestion comes as part of a report detailing optimal portfolio structure with regard to risk versus reward. Analysts suggest that if this recommendation is followed, Bitcoin's value could increase significantly. Furthermore, BlackRock has recently applied for a spot ETF, with a response from the SEC expected by September 2nd. The move has led to speculation that the SEC may be attempting to control the cryptocurrency market through major Wall Street firms.

🌩️ Crypto market cap fell below critical level

Over the last 24 hours, the total cryptocurrency market capitalization has dipped below a critical support level of $1.15 trillion, indicating a market correction period with an average loss of 3% across several cryptocurrencies.

This downtrend has been attributed to uncertainties related to rumors of possible future interest rate hikes by the FED. The market cap fell from a high of $1.169 trillion to $1.123 trillion. Despite the market-wide downturn, some altcoins like XDC Network and Maker experienced significant gains. Meanwhile, Compound, The Graph, and Aptos saw the most significant losses.