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Home » Bitcoin Price Broke the $59,000 Level – Here’s Why

Bitcoin Price Broke the $59,000 Level – Here’s Why

08.08.2024 18:57 1 min. read Alexander Stefanov
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Bitcoin Price Broke the $59,000 Level – Here’s Why

On Thursday morning, Bitcoin surpassed $57,000 after falling to below $50,000 during Monday's market sell-off.

At the time of writing, the price of Bitcoin has seen a 4% increase, trading for around $59,000.

According to JPMorgan, this rebound is mainly due to institutional investors. The limited de-risking seen in Bitcoin futures during the crash indicates continued confidence from these investors.

In other news, Morgan Stanley is allowing its financial advisors to recommend the iShares Bitcoin Trust and the Fidelity Wise Origin Bitcoin Fund (FBTC).

READ MORE:

Analyst Predicts Bitcoin Will Rapidly Recover from Recent Drop

As reported, Morgan Stanley is the first major Wall Street firm to actively promote these Bitcoin funds to clients, while firms like Merrill Lynch and UBS only offer them at client request.

Alexander Stefanov
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With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.

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