Bitcoin extends gains as BlackRock looks into crypto and blockchain

Bitcoin continued to edge higher on Tuesday, extending gains made on the previous day 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 was trading higher by more than 5 percent compared to where prices were on Monday, at around $6,720.84 as of 10:32 a.m. HK/SIN, 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 tracked slightly higher. Ethereum was up by more than 6 percent, while ripple was around 6 percent higher compared to levels seen one day ago, as of 10:35 a.m. HK/SIN.

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."

In an earlier interview with Bloomberg, Fink said: "I don’t believe any client has sought out crypto exposure."

Fink has previously railed against bitcoin, calling it an “index of money laundering.”

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