Bitcoin rose on Monday on news that asset-management giant BlackRock has set up a working group to look into cryptocurrencies and blockchain, the technology that underpins them.
The world’s most valuable virtual currency by market value jumped more than 4 percent to around $6,623, according to industry website CoinDesk, which tracks prices from several exchanges.
The prices of ethereum and ripple, the second- and third-largest digital assets by market capitalization respectively, also got a boost. Ethereum was up by more than 5 percent, while ripple jumped 4.5 percent.
London’s Financial News first reported the story. BlackRock CEO Larry Fink later confirmed the report in an interview with Reuters. “We are a big student of blockchain,” Fink said. He added, however, he does not see "huge demand for cryptocurrencies."
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