Cryptocurrencies rose on Friday amid a string of positive news. Photo: Getty Images
Cryptocurrencies were broadly up on Friday after showing less-than-outstanding performance during the week as it was reported that Wells Fargo (WFC) and JPMorgan (JPM) have registered a bitcoin fund with the Securities and Exchange Commission.
Cryptos were in decline after the industry failed to enforce a change in tax reporting rules in the US, but rebounded on Friday amid a string of positive news.
Bitcoin (BTC-USD) rose 5.6% to trade at $ 47,215 (GBP 34,688). Ethereum (ETH-USD), the second largest cryptocurrency by market capitalization, gained about 7% to trade at $ 3,216.
Dogecoin (DOGE-USD), already boosted by the Robinhood (HOOD) trading platform, which said a large portion of its revenue comes from the joke token, rose 7%.
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Wells Fargo works with New York Digital Investment Group (NYDIG), a technology and financial services company, and FS Investments on its offering. JPMorgan also works with NYDIG.
Both will receive a percentage of sales through subsidiaries.
Bitcoin’s price rose on Friday afternoon. Chart: Yahoo Finance Germany
Even as regulators around the world crack down on cryptos, the industry is gaining mainstream adoption.
Earlier this year, JPMorgan recommended that investors add Bitcoin to their portfolio. It also gave its clients access to six crypto funds within three weeks.
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The Central Bank of Singapore is working to build a common platform on which central banks can transfer funds directly across borders using central bank digital currencies.
Meanwhile, Coinbase (COIN), the world’s largest cryptocurrency exchange, which went public earlier this year, announced that it has received board approval to purchase over $ 500 million worth of cryptocurrencies.
CEO Brian Armstrong tweeted that the company will invest 10% of all profits in crypto going forward.
The positive news around crypto comes as “Investors find an opportunity in crypto as stocks fall due to the significant breakout of the delta variant and its impact on growth prospects around the world,” Wael Makarem, senior market strategist at broker Exness, told Yahoo! Finance UK.
The story goes on
“The momentum and the fact that Bitcoin, Ethereum, Ripple (XRP-USD) and the like are still well below their all-time highs make crypto more attractive right now.”
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