BTC

Bitcoin ($BTC) Cryptocurrency: JPMorgan Plans Fund for Wealthy

Follow us @crypto for our full coverage.

JPMorgan Chase & Co. is preparing to offer a Bitcoin fund to wealthy clients, the latest sign that Wall Street is warming to the largest cryptocurrency after it soared in recent months.

The actively managed fund will be available as soon as this summer, CoinDesk reported Monday, citing sources familiar with the plans. NYDIG will be the custody provider, a person with knowledge of the situation said, asking not to be identified because the decision hasn’t been made public.

Spokespeople for JPMorgan and NYDIG declined to comment.

Bitcoin rose as much as 12%

Read More

Bitcoin (BTC USD) Cryptocurrency Price Selloff Was a Long Time Coming

Bitcoin has rewarded investors with massive gains all year, but now the cryptocurrency’s famous volatility is back.

The token plunged below $50,000 in Friday trading for its worst week in almost two months as a proposed tax hike for wealthy Americans intensifies an industry selloff.

While the digital token is known for its big price swings, this latest bout has been particularly head-spinning after the all-time high notched on April 14.

Still, talk to investors and analysts and many will say it was a long time coming — with last week’s rally in the satirical Dogecoin and the eye-watering valuation

Read More

Bitcoin (BTC USD) Cryptocurrency Price Retreats to Weekend’s Flash Crash Lows

Bitcoin headed for its worst week in almost two months as a proposed capital-gains tax increase for wealthy Americans intensified the volatility whiplashing the world’s largest cryptocurrency.

A fresh bout of selling on Friday drove Bitcoin down as much as 7.9% to $47,525 — below its 100-day moving average — as it continued to take out key technical levels. Wall Street analysts warn of further losses for the notoriously volatile currency that hit a record high of $64,870 on April 14 ahead of Coinbase Global Inc.’s listing, before succumbing to an unexplained weekend swoon.

This week’s roughly 20% rout marks

Read More

Bitcoin (BTC) price plunges as $260 billion wiped off cryptocurrencies

LONDON/GUANGZHOU, China — Bitcoin and other digital currencies plunged on Friday as a proposed capital gains tax hike from U.S. President Joe Biden led to a wave of selling.

Bitcoin was down 7.3% at $49,730, according to Coin Metrics data. It’s the first time bitcoin has traded below $50,000 since early March. Ether fell to $2,320, down 8%. XRP, the fifth-biggest cryptocurrency, plunged 16%.

Bitcoin rebounded late Friday to above $51,000.

This wiped out more than $200 billion of value from the entire cryptocurrency market, according to data from CoinMarketCap.

“The market has run up quite a bit overall, and

Read More