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BitcoinBTC, ethereum, XRPXRP and other major cryptocurrencies have been primed for a huge BlackRock-led earthquake this month.

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The bitcoin price has swung wildly this weektemporarily boosting other major coins including ethereum and XRPdue after a false report that BlackRock'sBLK closely-watched spot bitcoin exchange-traded fund (ETF) application had been approved went viral and was picked up by the likes of Reuters and Bloomberg.

Meanwhile, BlackRock has become the first Wall Street giant to use JPMorgan's blockchain-based collateral settlement system, part of a plan that BlackRock's chief executive has said will usher in "the next generation for markets."

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Last week, JPMorgans ethereum-based Onyx blockchain and the banks tokenized collateral network were used by BlackRock to tokenize shares in one of its money market funds, sending them to the London-based Barclays in in an over-the-counter derivatives trade, Coindesk reported.

Bitcoin and crypto's blockchain technology allows traditional assets to be "tokenized" on a public ledger, potentially making the transfer of anything from stocks, bonds, real estate and alternative investments like art, cheaper and easier.

Last year, BlackRock chief executive Larry Fink called the technology "very important," writing in his annual letter to shareholders that "very interesting developments are happening in the digital asset space."

Fink also predicted many of the current big bitcoin and crypto companies aren't "going to be around" for long in the aftermath of FTX's dramatic collapse, suggesting the Wall Street giants could take over the management of the bitcoin and crypto space.

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Since then, Fink shocked the world when he announced a surprise crypto in June flip, saying he expects bitcoin and crypto to "transcend" traditional currencies, including the U.S. dollar, thanks to Wall Street adoption.

"Importantly, because its so international, [crypto is] going to transcend any one currency in currency valuation," Fink said.

Earlier, he said bitcoin and crypto could "revolutionize finance" in a dramatic reversal from his previous position of bitcoin being nothing more than an "index of money laundering.

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk I reported on how technology is changing business, political trends, and the latest culture and lifestyle. I have covered the rise of bitcoin and cryptocurrency since 2012 and have charted its emergence as a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the internet itself. I have worked and written for CityAM, the Financial Times, and the New Statesman, amongst others. Follow me on Twitter @billybambrough or email me on billyATbillybambrough.com.Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies.

Read more from the original source:
BlackRock And JPMorgan Are Quietly Are Quietly Laying The Groundwork For The Next Bitcoin, Ethereum, XRP And Crypto Price Bull Run - Forbes