JP Morgan, the highly reputed investment company, decides to offer Bitcoin funds to its wealthy clients. The plan gets revealed following the cryptocurrency to have a good day on Wall Street.
Many analysts denoted the plan to represent the warming acceptance of the largest crypto token. BTC alone kept soaring in recent months to hit a record-breaking market value. However, last week observed a massive decline in crypto-assets prices for different reasons.
BTC suffered the worst, falling behind its established $50,000 threshold mark in no time. To the utmost surprise, the event took place right on its surging week.
Almost all other major assets suffered to a notable extent, featuring a consistent slide. Turkish ban, crypto fraud cases, Biden’s tax plan – multiple incidents triggered the downfall.
But the digital asset managed to rise as much as 12% on Monday morning alone, and the trading value reached almost $54,000, the largest intraday gain since last February.
Not to mention, other major cryptocurrencies also started to gain prices with Bitcoin’s rise. The intended list exclusively includes – Ethereum, Dogecoin & Litecoin. It’s entirely possible for digital assets to recover the last week’s devastating sell-off situation.
Concerning the crypto funding issue, several Wall Street banks are still at a loss. In fact, many financial services still prefer to remain on the sidelines.
But JPMorgan stands pretty different, taking multiple groundbreaking strides on occasion. The company already added Gemini as well as Coinbase to its client’s list. It also stands as the first major company to introduce crypto payments, launching JPM Coin in 2019.
Daniel Pinto, JP Morgan’s current vice president, announced full client assistance to prefer Bitcoin. Also, Morgan Stanley announced a partnership with JP Morgan to allow funding access for rich clients.
It’s yet to check when the announcement will go public, allowing the clients to own Bitcoin.
