Bitcoin has found its footing following aa week of declining prices The price floored at around $47,000 over the second weekend of declines.
Bargain hunters snapped up the leading crypto currency at prices last seen 7 weeks ago and news of big US investment banks making further moves in crypto helped sentiment.
JPMorgan is soon to allow its clients to invest in an actively bitcoin fund it is setting up for its wealthiest customers, according to a CoinDesk report.
The move follows earlier ones by rival Morgan Stanley which is onboarding interested clients onto bitcoin funds from Mike Novogratz’s Galaxy Digital and NYDIG.
Also the news emerged today that US Bank is setting up a crypto custody operation and has hired NYDIG for that purpose.
Bitcoin ETFs under review – but VanEck delayed
Meanwhile more bitcoin ETFs have been launched around the world, with two more in Canada, including one from crypto funds pioneers Coinshares and one listed in Dubai by Canadian fund managers 3Qi Corp looking to pull in $200 million.
The Dubai listing may be the beginning of a trend with bitcoin ETF issuers in Canada and elsewhere as it would mean the funds could effectively trade 24/7, just as bitcoin does.
Chief executive of 3Qi Fred Pye told Bloomberg: “We trade on the North American market times and Dubai is almost perfectly opposite of what our trading hours are.”
In the US the SEC is currently reviewing three ETF proposals. Any approval of an ETF by the US securities regulator would be a huge step forward for the bitcoin market , opening up easily available regulated access by retail investors to the asset.
However, news emerged on Wednesday that the VanEck Bitcoin ETF review was being delayed.
Bitcoin is expected to continue to trade rangebound between $50,000 and $60,000 before the next leg higher, although there are now plenty of bears predicting a summer swoon for bitcoin, with JPMorgan arguing at the end of last week that a sustained break below the 100-day moving average would be a key indicator of a loss of price momentum.
Electric vehicle maker Tesla announced earnings results after the bell yesterday in which it revealed that it had sol 10% of the bitcoin on its balance sheet, although it said this was to prove the liquidity of bitcoin being akin to that of cash. Many corporate treasurers remain wary of including such a volatile asset as bitcoin on company books.