It's no secret that cryptocurrencies have seen recent volatility.

According to blockchain analytics company Glassnode, a three-day carnage in June caused Bitcoin investors to lose a total of roughly $7.3 billion ($10.5 million AUD, £4.1 million).

It wasn't the only currency that suffered, either. Other popular coins' prices, including as those for Ethereum, Solana, Cardano, and Dogecoin, have also plummeted.

However, it appears that cryptocurrency may soon experience a turnaround.

The largest wealth management company in the world, BlackRock, has partnered with the largest cryptocurrency exchange, Coinbase, to give its clients access to Bitcoin.

A staggering $10 trillion ($14.3 trillion AUD, £8.2 trillion) in assets are managed by BlackRock.

According to Marcus Sotiriou, a digital asset analyst, the deal marks a "significant milestone for the crypto market."

The floodgates for institutional access to Bitcoin are being opened by BlackRock, he claimed.

According to Sotiriou, BlackRock's action will open the door for a flood of fresh investments in virtual currencies.

According to data, almost a quarter of fund managers plan to increase their exposure to Bitcoin and other crypto-related assets over the following few years. "I think this could be seen as a green light by other funds to enter the crypto space too," Sotiriou said.

This week, Coinbase also revealed that it would link up with Aladdin, a platform for investment technologies developed by BlackRock.

According to Forbes, Aladdin managed enormous assets valued at $21.6 trillion ($31 trillion AUD, £17.8 trillion) in 2020.

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Because of this relationship, the global investment sector will have easier access to Bitcoin.

The Financial Times claims that more cryptocurrencies are expected to be added in the future.

According to BlackRock's global head of strategic ecosystem relationships, Joseph Chalom, his clients as eager as mustard to enter the cryptocurrency market.

In a statement acquired by Forbes, he stated that "our institutional clients are increasingly interested in acquiring exposure to the markets for digital assets and are focused on how to effectively manage the operational lifecycle of these assets."

Contrary to the firm's prior position on Bitcoin and other virtual currencies, BlackRock's decision marks a significant departure.

Bitcoin has been referred to as a "index of money laundering" by BlackRock CEO Larry Fink since 2017.

"Simply put, Bitcoin serves as a reminder of the global desire for money laundering. There you have it, "According to CNBC, Fink stated.

Despite the fact that attitudes have definitely altered.

According to Fink, there is still a lot of client interest in cryptocurrencies and blockchain technology, according to the Financial Times.

BlackRock had therefore been looking at the world of digital assets "in areas that are relevant to our clients, including Stablecoins, crypto assets, tokenization, and permissioned blockchains.