US Mega Banks JP Morgan And Wells Fargo Unveil Bitcoin Exposure As BTC Drops To $60,000

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,332,700,132,057	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,332,700,132,057

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-1,284.79	-1.86%	67,818.23	67,817.26	67,818.23

Price Change

Price Change %

Current Price

Bid Price

Offer

-1,284.79

-1.86%

67,818.23

67,817.26

67,818.23

High Price	Low Price	Open Price	Prev. Close	52 Week Range
70,066.95	67,550.00	69,217.46	69,103.02	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

70,066.95

67,550.00

69,217.46

69,103.02

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	17:20:19	0.000030	67,818.23	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

17:20:19

0.000030

67,818.23

USD

Price x Volume	Volume	Base Symbol	Related Pairs
578,693,388.97	8,394.50	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

578,693,388.97

8,394.50

US Mega Banks JP Morgan And Wells Fargo Unveil Bitcoin Exposure As BTC Drops To $60,000

12/05/2024 2:00am

NEWSBTC

JP Morgan and Wells Fargo, two of the largest banks in the United States, have announced their investments into Spot Bitcoin ETFs, unveiling their exposure to BTC, the world’s largest cryptocurrency. This significant development comes amidst the persistent downturn in the crypto market, resulting in BTC’s price dipping slightly above $60,000. US Financial Banks Expose Spot Bitcoin ETF Holdings American financial services companies, Wells Fargo and JP Morgan, have revealed their exposure to BTC by disclosing their adoption of Spot Bitcoin ETFs in a recent filing. This decision to invest in BTC ETFs marks a notable change from the banks’ previous cautious approach to cryptocurrencies. Related Reading: Crypto Analyst Says XRP Price Can Break Out From Falling Pennant, But Can It Reach $1? Wells Fargo revealed in its new filing to the United States Securities and Exchange Commission (SEC) that it currently holds 2,245 shares of Grayscale Bitcoin Trust (GBTC), valued at $121,207, which it has since converted into an ETF. Additionally, the American bank holds 37 shares of the ProShares Bitcoin Strategy ETF (BITO), valued at $1,195. On the other hand, JP Morgan, which holds about $2.9 trillion in Assets Under Management (AUM), has revealed its total Spot BTC ETF holdings in an SEC filing. The bank reported that it had purchased about $760,000 worth of shares of BlackRock’s iShares Bitcoin Trust (IBIT), Fidelity’s Wise Origin Bitcoin Fund (FBTC), Grayscale Bitcoin Trust (GBTC), Bitwise Bitcoin ETF, and ProShares Bitcoin Strategy ETF (BITO). Moreover, JP Morgan also owns about 25,021 shares valued at $47,000 in cryptocurrency ATM provider, Bitcoin Depot. The investment company also unveiled its exposure to Spot BTC ETFs just hours after Wells Fargo’s announcement. Despite the regulatory uncertainty and the market’s continuous volatility, institutional interest in cryptocurrencies, particularly BTC, has been growing rapidly. Bloomberg senior analyst, Eric Balchunas also forecasted that more financial services companies would likely follow JP Morgan and Wells Fargo’s footsteps to unveil holdings in Spot Bitcoin ETFs as market makers or Authorized Participants (APs). BTC Price sUFFERS More Declines Despite the increasing interest from traditional financial institutions seeking exposure to BTC, the price of the cryptocurrency has shown a surprising lack of bullish momentum. Since its halving event on April 20, BTC has been trading sideways, witnessing continuous declines that have pushed its price down to around $57,000 previously. Related Reading: Crypto Analyst Sets $10 Price Target For Cardano As Volume Jumps 90% The cryptocurrency, which recorded an all-time high above $73,000 in March, has seen a 14.20% drop over the past month. Additionally, Bitcoin gave up a large portion of its gains before the halving and is currently trading at $60,494, according to CoinMarketCap. Blockchain analytics platform, Santiment, revealed that the ongoing lack of interest in BTC and the broader market sentiments could be a strong sign that the cryptocurrency is getting close to its bottom. BTC price falls below $61,000 | Source: BTCUSD on Tradingview.com Featured image from PlasBit, chart from Tradingview.com

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