Despite a turbulent market, BlackRock, the world’s largest asset manager, continues to grow its cryptocurrency portfolio. Meanwhile, Deribit has made a concerning decision that disappoints Russian investors. The crypto landscape is currently chaotic, with altcoin charts showcasing extreme volatility. What is happening in the market?
BlackRock’s Cryptocurrency Developments
According to Bloomberg, BlackRock, which manages over $10 trillion in client assets, is set to launch a cryptocurrency ETP in Europe. The firm has already established itself as the largest issuer of Bitcoin 
$82,774 ETFs with its IBIT ETF launched last year. BlackRock is now preparing to issue a BTC ETF-linked exchange-traded product specifically for the European market.
The new product will reportedly track the IBIT ETF, based in Switzerland. BlackRock’s iShares Bitcoin Trust ETF currently holds about $57 billion in BTC assets.
While there are over 160 crypto-focused products in Europe, the total market size of $17.3 billion pales in comparison to the U.S. market. Perhaps with BlackRock’s backing, cryptocurrencies will attract the attention they deserve in the EU region.
Deribit and Russia
The cryptocurrency exchange Deribit has pulled out of Russia due to EU sanctions. According to TASS, the exchange will no longer provide services to Russian citizens as a result of these sanctions. As a Netherlands-based company, Deribit must comply with the EU’s regulatory decisions.
The statement indicated that, “Due to EU sanctions applied to Russia, Deribit can no longer serve Russian citizens and residents, except for certain exceptions.” Users who are citizens of an EU member state or Switzerland will still be able to trade on the platform. However, Russian nationals who are also UAE citizens will be unable to use the exchange.
As of the writing of this article, the BTC price is at $97,400, continuing the day with a decline of nearly 2%.
