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Bitcoin jumps as BlackRock looks into krypto and blockchain

The working group is not a new development and has actually existed since 2015. A source familiar with the case told CNBC.

The news follows a report from Fortune magazine as hedge fund billionaire Steve Cohen's venture arm Cohen Private Ventures invested in autonomous partners, a cryptocurrency-focused investment fund.

Many industry experts believe that increased involvement from institutional investors in the kryptocurrency space will increase confidence in an otherwise dubious market.

"This is definitely causing excitement," says Mati Greenspan, senior market analyst at eToro, on the report on Monday. "The idea of ​​major financial corporations to move into krypto is not really new and this is a trend we noticed has gained strength since November. "

Last year, two commercial giants, CME Group and CBOE launched bitcoin futures products that raise hopes for institutional involvement in crypto curves.

Virtual currencies have been hidden in doubt because of excessive volatility in the market, resulting in wild Bitcoin increased almost $ 20,000 at the end of last year, but has declined since transaction volumes fell.

Financial inspectors around the world are concerned about the speculative nature of cryptocurrency and their potential use for illegal activities. China and South Korea have both banned a practice called a first coin offering (ICO), which is a way of standing manage new digital tokens to run their business.

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