New reports from Coindesk revealed that JP Morgan Chase & Co. has begun pitching a Bitcoin (BTC) fund to its private clients this week. The behemoth financial institution originally announced in April that it had entered a partnership with NYDIG to launch a Bitcoin fund. JPM touted the new fund as the safest and cheapest investment option for clients.
That said, the new development signifies a change in stance by JP Morgan towards the benchmark cryptocurrency. Before now, the bank downplayed and discredited the efficacy of the cryptocurrency as an investment vehicle. The announcement comes just a few weeks after the multinational bank began offering crypto funds to wealthy retail clients.
The CEO of the Financial institution, Jamie Dimon, is a known Bitcoin critic and maintains that he is not big on cryptocurrency. However, he noted that with clients are clamoring for cryptocurrency exposure, the bank must meet their demand. Dimon recently stated that clients see Bitcoin as a viable asset class.
Meanwhile, JPM has also indicated an interest in Ethereum and the DeFi sector, asserting that the ETH 2.0 staking upgrade can become a multi-billion dollar industry. JPM even suggested that Ethereum could outperform BTC to become a more reliable store of value.
Key Bitcoin Levels to Watch — August 5
After recording a steep decline to the $37,500 level, which led to a mild consolidation between $37,500 and $38,500, the primary cryptocurrency posted a healthy rebound to the $40,000 mark yesterday. Yesterday’s ascent got repressed by the 50 SMA line, which set the cryptocurrency towards $38,500 again.
With the upcoming development in Ethereum later today, we could witness some volatility in the market that could send BTC in either direction. However, there is reason to believe that the incoming volatility will send the cryptocurrency towards (or over) the $41,000 pivot zone.
Meanwhile, our resistance levels are at $39,500, $40,500, and $41,000, and our key support levels are at $38,500, $37,500, and $37,000.
Total Market Capitalization: $1.61 trillion
Bitcoin Market Capitalization: $731 billion
Bitcoin Dominance: 45.4%
Market Rank: #1
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