BTC Price: Over 2% Increase Explanation

By Amit Chowdhry ● April 27, 2021
  • The price of Bitcoin (BTC) has increased by over 2% today. This is why it happened.

The price of Bitcoin (BTC) has increased by over 2% today (about $53,573 as of 12 AM ET and $55,093 as of 7:20 PM ET). Investors appear to be responding positively to a couple of positive catalysts today.

1.) Yesterday Coindesk reported that JPMorgan Chase is preparing to offer an actively managed Bitcoin fund for certain clients. The JPMorgan bitcoin fund is expected to roll out this summer. And one of Coindesk’s sources said that institutional bitcoin shop NYDIG is expected to serve as JPMorgan’s custody provider.

2.) Yesterday afternoon, Tesla had announced its earnings — which also included details about the company’s bitcoin holdings. In February, Tesla bought $1.5 billion worth of Bitcoin and during the company’s first quarter, the company sold some of its Bitcoin holdings for $272 million in proceeds.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.