Sarah Tran
Independent Analyst
- Wells Fargo and JPMorgan have filed for a Bitcoin fund with the US SEC.
- The fund aims to offer exposure to the bellwether cryptocurrency through a partnership with NYDIG.
- Bitcoin price jumped back above $47,000 following the announcement.
Wells Fargo and JPMorgan are planning to offer their clients exposure to the leading cryptocurrency in partnership with New York Digital Investment Group (NYDIG). The pair of banking giants are broadening their cryptocurrency interests by registering a Bitcoin fund with the United States Securities & Exchange Commission (SEC).
Banking giants to offer Bitcoin exposure to clients
Wells Fargo has partnered with NYDIG to offer Bitcoin exposure to its clients through a BTC fund. The bank will get an unspecified percentage of sales through its subsidiaries Wells Fargo Clearing Services and Wells Fargo Advisors Financial Network.
The recent filings with the SEC revealed that two of the notices name JPMorgan Securities as the recipient of the shares tied to the Bitcoin fund. The multinational investment bank will also receive a percentage of sales through its subsidiaries.
The funds were initially anticipated to be actively managed, however, they were registered as passive. So far, the funds have not completed any sales.
In May, Wells Fargo announced that it was creating cryptocurrency-based investment products for its wealthy clients. The President of the Wells Fargo Investment Institute suggested that the rise in value in the leading digital asset Bitcoin could be a sign of the industry’s maturity.
Bitcoin price bounces back in attempt to target $50,000
Bitcoin price has climbed over 7% on August 19, back up above the $47,000 territory. Although BTC still has a few hurdles to overcome before continuing its rally, the leading cryptocurrency is back on track to target $50,000.
The Momentum Reversal Indicator (MRI) suggests that there is a stiff obstacle ahead at the resistance line at $48,070. Only a slice above this level could see Bitcoin price head toward $49,810, the May 16 high.
Further buying pressure may push Bitcoin price up toward $50,698, the May 15 high.
However, should the bulls fail to propel BTC above the resistance level at $48,070, indecision could materialize in the market, giving rise to the possibility of Bitcoin price to move sideways.
BTC/USDT 12-hour chart
Bitcoin price is currently being supported by the 78.6% Fibonacci extension level at $44,088 and a dip below this level could open up the chances of BTC dropping lower.
The next line of defense for Bitcoin price is at the 50 twelve-hour Simple Moving Average (SMA) at $42,979, before dropping lower toward the 61.8% Fibonacci extension level at $40,920.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.