Bitcoin rises as biggest asset manager studies crypto technology

Bitcoin rises as biggest asset manager studies crypto technology

The story, citing "two people familiar with the matter" was first reported in Financial News and says that the asset manager is looking at Bitcoin futures, causing the largest cryptocurrency token to jump sharply.

The cryptocurrency market added $10-$12 billion to its market capitalization Monday morning after a report hit the wires that the world's largest asset manager, BlackRock ($6.3 trillion AUM) are setting up a department to study and analyse blockchain and cryptocurrencies.

Bitcoin had a strong resistance at $6,000 and had been trading in a range since the last few days. Rival coins Ripple, Ethereum and Litecoin all climbed at least 5%.

"We have been looking at blockchain technology for several years, recognizing potential for shared processes and data across market participants, clearing, settlement and reconciliation and simplified securities issuance".

Information reaching our desk indicate that the working group has been in existence since. The sources also said that BlackRock's working group will keep a close eye on what its competitors are doing in regard to cryptocurrencies and blockchain.

With many institutional investors joining the cryptocurrency markets this will boost the crypto markets as well give other investors' confidence to join the market which is key for its growth.

Virtual currencies have been shrouded in doubt due to excessive volatility in the market resulting in wild price swings. That is still far down from Bitcoin's all-time peak near $20,000 in late 2017.

Financial regulators around the world are concerned about the speculative nature of cryptocurrencies, and their possible use for illicit activities. However, the recent move by BlackRock is good news to crypto investors especially because Larry Fink the current CEO of the company has in previous occasions spoken against digital currencies calling them an Index of Money Laundering.

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