Bitcoin rises as biggest asset manager studies crypto technology | Fin24
 
  • Load Shedding Schedules

    Find information for Johannesburg, Durban, Cape Town and other cities.

  • Channelling Thatcher

    A battle with unions will be the biggest test for Ramaphosa and Mboweni, writes Pieter du Toit.

  • Liberty

    We are no longer turning around, we are growing, says the group's CEO as profit surge.

Loading...

Bitcoin rises as biggest asset manager studies crypto technology

Jul 16 2018 15:12
Todd White, Bloomberg

Bitcoin headed for its largest increase in two weeks on Monday, as BlackRock became the latest big name to signal an interest in the technology underpinning digital currencies.

The biggest crypto-coin advanced 5.5% to $6 525 as of 6:51 a.m. in New York, according to composite prices on Bloomberg. Rival coins Ripple, Ethereum and Litecoin all climbed at least 5%.

Bitcoin hasn’t notched a one-day gain of more than 2% since July 2.

BlackRock has formed a team to look into how the world’s largest asset manager can take advantage of the cryptocurrency market and blockchain, London’s Financial News reported.

A BlackRock spokesperson declined to comment on the report, which said the company was studying whether to take an active role in the Bitcoin futures market.

In a statement, the firm said its focus was largely on blockchain, the technology underlying cryptocurrencies.

Last week, billionaire investor Steven Cohen was said to have put money into a hedge fund focusing on cryptocurrencies and blockchain-based companies.

 In Europe, the owner of Switzerland’s securities exchange in Zurich said it’s creating a platform for trading digital assets. 

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

bitcoin  |  ict  |  companies  |  cryptocurrencies
NEXT ON FIN24X

 
 
 
 

Company Snapshot

#BUDGET2020

Cuts to the public sector wage bill took centre stage at this year's Budget
 

Voting Booth

Do you support a reduction in the public sector wage bill?

Previous results · Suggest a vote

Loading...