The announcement is the "most bullish news" ever for long-term hodlers, one analyst argues as Barry Silbert heralds the arrival of Wall Street.
Bitcoin (BTC) continued toward $25,000 on the Aug. 11 Wall Street open amid news that the world's largest asset manager had launched a BTC product.
Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it spike to $24,921 on Bitstamp as United States stocks trading got underway.
While going on to consolidate slightly below the highs, the pair inspired confidence in market sentiment, with popular crypto industry figures already seeing positive implications of the BlackRock move.
For Blockware lead insights analyst, William Clemente, however, the news was a landmark event in Bitcoin's history.
BlackRock's CEO, Larry Fink, had described Bitcoin just five years earlier as an "index of money laundering." He had appeared to change his tune by 2020, acknowledging the largest cryptocurrency's potential to become a "global market."
BlackRock's offering would take the form of a spot Bitcoin private trust, it confirmed in a statement.
As Cointelegraph reported, the firm's initial foray into Bitcoin this month came via a partnership with U.S. exchange Coinbase.
What the Community think about the futur of this Cryptocurrency
Turning to potential short-term price targets, the mood among commentators was thus flexible if still not outright bullish.
For on-chain monitoring resource Whalemap, potential upside and downside remained considerable, with $20,000 still not safe as a floor.
Popular Twitter account Altcoin Bets meanwhile added that "as long as we stay above 24k on daily, we should reach for 28k CME gap," referring to a void in the CME Bitcoin futures chart, which often acts as a spot price magnet.