Bitcoin Price Broke the $59,000 Level – Here’s Why
On Thursday morning, Bitcoin surpassed $57,000 after falling to below $50,000 during Monday's market sell-off.
At the time of writing, the price of Bitcoin has seen a 4% increase, trading for around $59,000.
According to JPMorgan, this rebound is mainly due to institutional investors. The limited de-risking seen in Bitcoin futures during the crash indicates continued confidence from these investors.
In other news, Morgan Stanley is allowing its financial advisors to recommend the iShares Bitcoin Trust and the Fidelity Wise Origin Bitcoin Fund (FBTC).
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Analyst Predicts Bitcoin Will Rapidly Recover from Recent DropAs reported, Morgan Stanley is the first major Wall Street firm to actively promote these Bitcoin funds to clients, while firms like Merrill Lynch and UBS only offer them at client request.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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