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Bitcoin Gains Footing Above $45K as Wells Fargo Launches Fund for Wealthy Clients

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Thu, 08/19/2021 - 17:01
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Alex Dovbnya
The Bitcoin price is rising after Well Fargo registered a new investment vehicle tied to the largest cryptocurrency
Bitcoin Gains Footing Above $45K as Wells Fargo Launches Fund for Wealthy Clients
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Bitcoin, the largest cryptocurrency by market cap, has pared recent losses, spiking to an intraday high of $45,950 on the Bitstamp exchange.

The crypto king has successfully held the pivotal $44,000 support level before staging the minor comeback.

Bitcoin
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 The ongoing recovery coincided with U.S. banking giant Wells Fargo registering a passive Bitcoin fund for wealthy clients, according to its Aug. 19 filing with the U.S. Securities and Exchange Commission.   

It inked a partnership with NYDIG and FS Investments to launch the new cryptocurrency investment vehicle.

As reported by U.Today, Wells Fargo initially revealed that it was going to introduce a cryptocurrency strategy for its affluent clients back in May.

In late July, JPMorgan, the largest American bank, opened access to various cryptocurrency funds for its retail clients.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.