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.
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…