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The cryptocurrency market has seen a good surge in 2021. Despite the lull in the May-June period, the cryptocurrencies have bounced back strongly, with most trading in green zone. Cashing in on this wave, another pair of big banks -- Wells Fargo and JP Morgan -- are expanding their crypto horizons. Both Wells Fargo and JP Morgan have registered a Bitcoin Fund with the US Securities and Exchange Commission (SEC).
Both Wells Fargo and JP Morgan partner with the New York Digital Investment Group (NYDIG) for the same. According to Wells Fargo’s filing with the SEC, the fund will be known as FS NYDIG BITCOIN FUND I. The FS refers to the alternative assets manager FS Investments.
As per this details, the US multinational financial services company will get an unknown percentage of sales through its subsidiaries -- Wells Fargo Clearing Services and Wells Fargo Advisors Financial Network.
JP Morgan, too, will receive its percentage of sales through its subsidiaries. JP Morgan had urged its investors to add Bitcoin to their portfolio and even allowed the clients to access six crypto funds.
Good day for the crypto market
The news of JP Morgan and Wells Fargo expanding their crypto horizons brought joy to crypto investors. After seeing two days of lull, the market saw a reversal of fortunes. Bitcoin (BTC) was trading touched US $47, 211 registering an increase of 5.87% at the time of writing (BST 2:30 pm). The 24-hour trading volume was of US $35,68,01,76,276, with a live market cap of US $8,86,36,14,18,387. The BTC trade volumes soared by 22% as investors looked to cash in on the wave.
Ethereum, too registered impressive gains of 7.44%. ETH is currently trading near US $3,229.07 with a 24-hour trading volume of US $18,65,37,64,015. ETH’s 24-hour trading volume of US $18,65,37,64,015. Key altcoins too rallied, with Cardano (ADA) leading the charts with 21.43% gains along with Polygon (MATIC) and Polkadot (DOT) registering over 13%.
How high can Bitcoin go?
From what we have seen, investor confidence seems to be back, and Bitcoin is poised to reach its previous glory. With the crypto market touching US $2 trillion for the first time since May, bitcoin investors feel confident the bitcoin price could exceed its all-time high of over US $60,000.
Bloomberg’s senior commodity strategist Mike McGlone has predicted that the top-ranked cryptocurrency could hit the US $100,000 mark. Tom Lee, too, the head of research at Fundstrat Global Advisors, thinks bitcoin is about to get better and will surge strongly in the second half of 2021.
Conclusion
With financial giants Wells Fargo and JP Morgan registering for the Bitcoin Fund, the crypto market could well see a spike in the coming days. Riding high on the momentum, we could see a fruitful second half for the leading cryptocurrency along with the others. For now, everyone in the industry will be watching the market very closely to see if the momentum is short-lived or a prolonged one.
