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.
Many industry experts believe that increased involvement from institutional investors in the cryptocurrency space will boost confidence in an otherwise dubious market.
Today’s notable market growth is likely bolstered by news that the $6.3 trillion asset management heavyweight BlackRock –– the world’s largest provider of exchange traded-funds (ETF) –– is beginning to assess potential involvement in Bitcoin, according to reports from Financial News.