The chief investment strategist for the world's biggest asset manager expressed caution about the state of the cryptocurrency market in new comments to reporters.
BlackRock chief strategist Richard Turnill spoke after the firm – which manages more than $5tn in assets as of the end of March – released its mid-year investment outlook for 2017. While that report doesn't contain any analysis of the cryptocurrency market or the firm's predictions for its development, Turnill offered his take on the market today.
According to Reuters, Turnill, in reference to the state of the cryptocurrency market, remarked: "I look at the charts, and to me that looks pretty scary."
Cryptocurrency markets have seen significant declines in recent days, with the price of ether, the cryptocurrency of the ethereum network, dropping below the $200 mark for the first time since the end of May.
In remarks, Turnill also said that, in his view, the market wouldn't pose any risks to the broader financial market in the event of a steeper sell-off.
"There's no evidence that if that price went to zero tomorrow that there'd be any broader financial implication over time, but to me it is example of where you're getting some big price movements in the market," he said.
Image via BlackRock/YouTube
The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at [email protected]/* */.
Ripple Price Technical Analysis – XRP/USD Eyes Further Gains
Ripple price is placed well in the bullish zone against the US Dollar and Bitcoin. XRP/USD might soon retest $0.2600 and it could even break it. There were slow and steady gains in Ripple price
DASH/USD and LTC/USD Technical Analysis November 23 2017
Hello and welcome to News BTCâs Market OutlookÂ November. DASH/USD DASH continues to power ahead, touching $575 during the trading session on Wednesday. I suspect that we will probably get a
FLUX Gaming – Game Developers and Players Now Own the Game
All game developers want to produce a blockbuster. But as the gaming world knows all too well, the business of creating blockbusters is risky. Players may move in a flash to another game for more
DASH AND MONERO RALLY WHILE IOTA IS PEAKING NOVEMBER 23 TECHNICAL ANALYSIS
As perfect BTC alternatives, DASH and Monero are rallying perhaps benefiting from capital injection. Alt coin Monero is actually trending above August highs of $153. If bulls push harder, buyers
BTC/USD and BTC/JPY Technical Analysis November 23 2017
Hello and welcome to News BTCâs Market OutlookÂ November. BTC/USD Bitcoin fell slightly against the US dollar after initially trying to rally on Wednesday in what could probably be best
Ethereum Price Technical Analysis – ETH/USD Remains Buy on Dips
Ethereum price is gaining momentum against the US Dollar and Bitcoin. ETH/USD is now well above $368 and is eyeing more upsides. There were continuing gains in ETH price above the $350 level
Bitcoin Price Technical Analysis for 11/23/2017 – Bearish Divergence Alert!
Bitcoin Price Key Highlights Bitcoin price is slowing on its climb, possibly priming for a pullback on profit-taking over the Thanksgiving break. Technical Indicators Signals The 100 SMA is
Bitcoin Cash Price Technical Analysis – BCH/USD to Retest $1500
Bitcoin cash price gained bullish momentum recently above $1200 against the US Dollar. BCH/USD might continue to move higher towards $1500. There was a solid upside move in bitcoin cash price as