The start of the week produced wild price swings for Bitcoin, which shed almost $2,000 on Tuesday. Afterwards, a period of consolidation appeared to begin, with the largest cryptocurrency fluctuating in a wide corridor with $19,000 as its focal point over the past 24 hours.
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This is what the BlackRock logo looks like to people who use magnifying glasses to look at their computer monitors (via Shutterstock)Cryptos rally on very old BlackRock news
Financial News reports story that has been around for year; crypto enthusiasts use it as excuse to buy more
Bitcoin and other cryptocurrencies rallied more that 5 percent on Monday but it was off of very old news. Earlier in the day, Dow Jones’ Financial News reported on the existence of a working group at the $6.3 trillion asset manager, titling the piece, “BlackRock begins exploration of bitcoin”. That was followed by a Reuters interview with CEO Larry Fink saying the company was “evaluating cryptocurrencies.” However, none of this is actual new. That’s because BlackRock’s Blockchain Labs has been around for a few years. On YouTube, one can even view a presentation by George Kouzmov, a member of the working group, talk for a full hour to a London…