Bitcoin (BTC), Altcoins Pare Last Week’s Losses
Cryptocurrencies are off and running for the week, led by a 10% gain in Ripple XRP. Also, Bitcoin BTC, Litecoin LTC, and Ethereum ETH are all up by more than 5%. It’s still early, but it appears that cryptos are poised to close April on a high note.
Perhaps the single greatest market driver facing the crypto asset class is institutional adoption. Today has brought another positive story, with investment banking giant JP Morgan releasing plans for clients to directly invest in Bitcoin. Media sources are reporting that a JP Morgan Bitcoin fund is scheduled for a summertime rollout.
The move is a dramatic shift from CEO Jamie Dimon, who previously threatened to “fire in a second” any Morgan trader that jumped into BTC. For now, it appears that Bitcoin’s lofty valuation has prompted a change of heart from Dimon. In the first two weeks after announcing the fund, JP Morgan raised nearly $30 million. So, it looks like the institutional appetite for Bitcoin and cryptocurrencies continues to grow.
Bitcoin Holds The Line At $50,000
Sometimes, the most important technical levels are big-round-numbers. For Bitcoin, $50,000 is proving to be a key area of two-way action. Thus far, the bidders continue to dominate the action, protecting $50,000 as downside support.
Overview: As we roll into May trade, cryptocurrency values are strong. However, things are poised to change. Given the recent buzz over the Biden tax hikes and creation of an SEC/CFTC “crypto task force,” it looks like regulation is on the immediate horizon. While JP Morgan entering the Bitcoin game is a big deal, any type of sweeping U.S. regulation has the potential to derail values. At this point, only time will tell.
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