BITCOIN - Updated Small Chart 🍊
Bitcoin has HODLed and the price is about to test the resistance at 46450.
After that it's a 70% rise to next resistance at 50k
GREAT NEWS:
Wells Fargo, JPMorgan launch bitcoin funds
Another pair of big banks are broadening their cryptocurrency interests. Wells Fargo and JPMorgan have both registered a bitcoin fund with the Securities and Exchange Commission.
Wells Fargo is partnering with the New York Digital Investment Group (NYDIG), a leading technology and financial services firm, and FS Investments on the offering. Wells Fargo will get an unknown percentage of sales through two of its subsidiaries: Wells Fargo Clearing Services and Wells Fargo Advisors Financial Network.
JPMorgan is also partnering with NYDIG and will also receive a percentage of sales through subsidiaries.
At the time of the filings, neither fund had not completed any sales.
The two mega-banks are the latest in a growing number that are cautiously embracing cryptocurrencies. Earlier this year, JPMorgan cautiously recommended investors consider adding the cryptocurrency to their portfolio, saying allocations of up to 1% of their portfolio could “achieve any efficiency gain in the overall risk-adjusted returns.”
JPMorgan Chase, Wells Fargo, and Goldman Sachs are also hedging their bets for the possibility of a bankless future by funneling millions of dollars into crypto startups. BNY Mellon announced plans earlier this month to form a new team that’s developing a custody and administration platform for traditional and digital assets. An investment unit of Morgan Stanley is also in the process of considering whether to bet on Bitcoin.
After that it's a 70% rise to next resistance at 50k
GREAT NEWS:
Wells Fargo, JPMorgan launch bitcoin funds
Another pair of big banks are broadening their cryptocurrency interests. Wells Fargo and JPMorgan have both registered a bitcoin fund with the Securities and Exchange Commission.
Wells Fargo is partnering with the New York Digital Investment Group (NYDIG), a leading technology and financial services firm, and FS Investments on the offering. Wells Fargo will get an unknown percentage of sales through two of its subsidiaries: Wells Fargo Clearing Services and Wells Fargo Advisors Financial Network.
JPMorgan is also partnering with NYDIG and will also receive a percentage of sales through subsidiaries.
At the time of the filings, neither fund had not completed any sales.
The two mega-banks are the latest in a growing number that are cautiously embracing cryptocurrencies. Earlier this year, JPMorgan cautiously recommended investors consider adding the cryptocurrency to their portfolio, saying allocations of up to 1% of their portfolio could “achieve any efficiency gain in the overall risk-adjusted returns.”
JPMorgan Chase, Wells Fargo, and Goldman Sachs are also hedging their bets for the possibility of a bankless future by funneling millions of dollars into crypto startups. BNY Mellon announced plans earlier this month to form a new team that’s developing a custody and administration platform for traditional and digital assets. An investment unit of Morgan Stanley is also in the process of considering whether to bet on Bitcoin.
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