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CryptoWatch: Bitcoin rallies by 5% as BlackRock reportedly weighs crypto venture

Bitcoin began the week higher, climbing as much as 5%, following reports that the world’s largest asset manager was considering a push into the digital-currency market.

The Financial News reported Monday that BlackRock, which has more than $6 trillion under management, has put together a team to explore potential investments in digital currencies and blockchain, the underlying technology that drives cryptocurrencies.

Cryptocurrencies are in the midst of a tough run, with bitcoin, the worlds largest digital currency, down more than 50% year to date as it grapples with widespread adoption. A move by BlackRock would be a major coup for proponents.

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