A note JPMorgan shared with clients suggests that Bitcoin’s recent price rise above the $50,000 mark was predominantly driven by institutional investors looking for a hedge against inflation and preferring BTC over gold.
The U.S. Securities and Exchange Commission (SEC) has approved an exchange-traded fund that provides investors with exposure to Bitcoin through a portfolio of companies with significant exposure to the flagship cryptocurrency.
In the course of an investigation into leading stablecoin issuer Tether, Bloomberg reporter Zeke Faux unearthed that the firm has lent “billions of dollars more to other crypto companies, with Bitcoin as collateral.” One of those companies is Celsius Network.
Top stories in the Crypto Roundup today:
- Institutions Are Favoring Bitcoin Over Gold: JPMorgan
- SEC Approves ETF Focusing on Companies with Bitcoin Exposure
- Tether Reportedly Holds $1 Billion on Crypto Lending Platform Celsius
- Crypto Market Movers - SHIB, FTM, AXS