BlackRock Interest to Cryptocurrencies Leads to Increase in Bitcoin Price

2018-7-16 17:33

The crypto community is actively discussing the intensive growth of Bitcoin price. One of the reasons that, according to experts, may have led to such a positive trend can be the news, which came from the multi-trillion dollar asset manager BlackRock. The company is considering a possibility to enter the crypto industry.

BlackRock which is the world’s largest exchange-traded fund provider made public its plans to  create a working group to investigate the crypto market and to evaluate its potential involvement in Bitcoin.

Such a decision fully opposes previous BlackRock’s critical attitude towards cryptocurrency. The cross-industry working group, formed by BlackRock, will follow the example of such an industry’s giant as Goldman Sachs and will focus on several fields including a possibility to invest in Bitcoin futures.

According to unnamed sources familiar with the matter, BlackRock’s working group will also analyze how the company’s competitors are working in the sphere of cryptocurrencies and blockchain.

“Like most financial institutions, BlackRock has a working group that meets periodically to exchange information on blockchain and consists of employees from various parts of the business,” stated the company’s spokesperson.

Nevertheless, the representative of BlackRock in his comments didn’t mention their interest in cryptocurrencies while highlighted that they had been looking at blockchain for several years already, “recognizing potential for shared processes and data across market participants, clearing, settlement and reconciliation and simplified securities issuance.”

Many experts studying the crypto market suppose that the increased interest from the side of institutional investors will boost confidence in this market.

According to CoinMarketCap, after jumping $225 just in a couple of hours, Bitcoin is currently traded at $6,606.76. It means that it has gained nearly 4% over the last 24 hours. Altcoins are also following this trend. By the press time, every coin from the top-10 list has gained between 4 and 8%.

The post BlackRock Interest to Cryptocurrencies Leads to Increase in Bitcoin Price appeared first on CoinSpeaker.

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