Money manager BlackRock Inc <BLK.N> has suspended cash redemptions on a $1 billion fund for institutional investors, leading Moody's Investors Service to cut its ratings on the fund to "junk" status.

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Consequently, the delay has the entire crypto market on hold. Notably, BlackRock filed an amendment on July 1, which was designed to make the regulators focus only on its in-kind redemptions approval.

Standard &amp; Poor's on Thursday withdrew its ratings on a $1 billion fund run by money manager BlackRock Inc &lt;BLK.N&gt; at the manager's request.