(Bloomberg) -- Bitcoin rallied back Monday as investors took advantage of the lowest levels in seven weeks to pile back in.<\/p>\n
The largest cryptocurrency rose as much as 13% to above $54,000, the biggest intraday gain since early February.<\/p>\n
The move comes as JPMorgan Chase & Co. is preparing to introduce an actively managed Bitcoin fund to some clients as soon as this summer, Coindesk reported, citing unidentified people familiar with the matter. The rebound reverses a two-week slump that had pushed Bitcoin below its 100-day moving average amid technical warnings from Wall Street and fears of a growing crypto bubble.<\/p>\n
Some pinned Mondays move on a tweet Saturday from billionaire Elon Musk, who in the past has affected prices with his comments on the social platform.<\/p>\n
In a potential reference to cryptocurrencies, the Tesla Inc. founder asked What does the future hodl?, using a term often seen as meaning hold on for dear life that supporters use to refer to buying and holding their digital assets.<\/p>\n
After markets closed in New York on Monday, Musks Tesla Inc. quarterly results revealed that it spent $1.2 billion on Bitcoin in the first quarter and made $101 million selling it during that period. Musk had disclosed the crypto investment in February and the announcement subsequently helped fuel a red-hot rally for the digital asset.<\/p>\n
Cryptocurrency-exposed stocks also rose. Monex Group Inc. gained 7.1%, while Remixpoint Inc. increased 7% and Ceres Inc. added 6.1%. In the U.S., Coinbase Global Inc. gained 4.4%, while Riot Blockchain Inc. jumped 6.3%.<\/p>\n
Bitcoin has retained a gain of about 80% year-to-date as big-name investors endorse it and institutions from Goldman Sachs Group Inc. to Bank of New York Mellon advance their offerings around cryptocurrencies. JPMorgans John Normand reiterated in a note Friday that Bitcoins ascent has been steeper than any other financial innovation or bubble of the past 50 years.<\/p>\n
Crypto bulls breathed a sigh of relief as last weeks deep rout across the space failed to extend, Steen Jakobsen, chief investment officer at Saxo Bank, wrote in a note. However, it has quite a wall to climb to fully neutralize the recent selloff<\/p>\n
Story continues<\/p>\n
(Updates to add Teslas Bitcoin sale in sixth paragraph)<\/p>\n
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See the article here: (Bloomberg) -- Bitcoin rallied back Monday as investors took advantage of the lowest levels in seven weeks to pile back in. The largest cryptocurrency rose as much as 13% to above $54,000, the biggest intraday gain since early February Continue reading
\nBitcoin Rebounds After Hitting Lowest Level Since March - Yahoo Finance<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"