Cryptocurrency Prices Spike in Response to BlackRock Involvement

BlackRock pic

A co-author of What You Don’t Know About Retirement Will Hurt You!, Robert M. Ryerson is a certified financial planner (CFP) and certified identity theft risk management specialist (CITRMS). In addition to providing clients with financial advice as a CFP at New Century Planning in Freehold, New Jersey, Robert M. Ryerson hosts seminars and presentations about such topics as cryptocurrency.

On July 16, 2018, the cryptocurrency market saw a sudden spike in price for the three top digital assets: Bitcoin, Ethereum, and Ripple. These three assets increased in trading value by about 4.5 percent. The new trading value of Bitcoin was raised to $6,631.70; meanwhile, Ethereum’s trading value increase to $476.81, and Ripple’s value increased to just under $0.50. An increase in trading value was also noted for Litecoin. This asset rose about 7.09 percent to trade for about $83.

These rapid increases are supposedly the result of BlackRock’s interest in the cryptocurrency market. The 10th largest hedge fund in the world, BlackRock is also responsible for managing upwards of $6 trillion. According to sources, the fund developed a department dedicated to investigating cryptocurrency and blockchain technology. While this department was formed in 2015, the recent series of large-scale hacks caused investor confidence to drop, thus giving it a chance to increase again based on the news that BlackRock is interested in the industry.

This high level of volatility in the cryptocurrency market isn’t new and is responsible for keeping people’s confidence in the industry low. However, many experts expect this to change as more institutional investors become interested in cryptocurrency.

Published by Robert Ryerson

A financial professional with more than three decades of experience, Robert Ryerson works closely with clients in the Freehold, New Jersey, area to meet their financial planning needs. As a Certified Financial Planner (CFP) at New Century Planning, he focuses on retirement income planning, as well as estate administration, regularly assisting his clients with legacy and estate planning. He also advises them on health and disability insurance, including Medicare, Medicaid, and Medicare Supplement Plans. Mr. Ryerson’s many years helping his clients navigate the complexities of retirement planning gave him a deeper understanding of the healthcare costs that retirees face. In 2013, he drew upon this knowledge to co-author the book What You Don’t Know About Retirement Will Hurt You. Outside of his work at New Century Planning, Robert M. Ryerson is a regular fixture at workshops and seminars on retirement. He has delivered several keynote speeches on the often-confusing topic of required minimum distributions. Mr. Ryerson continues to share his financial expertise as a facilitator of online courses for Certified Public Accountants through The Society for Financial Awareness. In the early 2010s, Mr. Ryerson became concerned about the threat of identity theft after noting the many cybersecurity breaches suffered by major companies. He became a Certified Identity Theft Risk Management Specialist (CITRMS) in 2014. He has since taught identity theft recovery courses at local community colleges. Mr. Ryerson also wrote a book on the topic entitled What’s the Deal with Identity Theft: A Plain English Look at Our Fastest Growing Crime. A graduate of Rutgers University with a degree in economics, Mr. Ryerson began his career in the financial services industry as a stockbroker. He obtained his CFP designation in 1991 and began working as an independent financial planner a few years later. In addition, he is a notary public.

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