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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. 

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