The report noted that the news of SpaceX, led by Elon Musk, writing off a portion of its Bitcoin holdings in the previous quarter, played an added role in fueling the correction within the cryptocurrency markets in August.
The report highlights that despite their presence in Canada and Europe for a considerable period, these ETFs have encountered limited traction among investors.
The report highlights the crucial influence of electricity costs on the bear market witnessed in the past year, presenting a formidable hurdle for miners striving to remain operational.
JPMorgan JPM is offering its Private Bank wealth management customers access to an in-house passively managed bitcoin fund. Citing two people familiar with the matter, CoinDesk said that the offering is being made in partnership with bitcoin powerhouse New York Digital Investment Group (“NYDIG”).
The expanded access to crypto products for JPMorgan clients comes as retail interest in the crypto market is on the rise, especially after bitcoin hit its all-time-high price of $65,654 on April 14, 2021.
Advisors in JPMorgan’s $630 billion wealth management division can now accept orders to buy and sell five crypto products including Grayscale’s Bitcoin Trust, Bitcoin Cash Trust, Ethereum Trust, Ethereum Classic products, and Osprey Funds’ Bitcoin Trust.
The sources declined to be identified speaking about the offerings, each citing an awkward fact: JPMorgan CEO Jamie Dimon has been one of Wall Street’s most outspoken skeptics of bitcoin and related digital assets.
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