After more than a year of weakness, cryptocurrencies may be attempting a comeback.
Bitcoin (@BTC) and Ethereum (ETHUSD) have gained more than 10 percent so far this month. At least two catalysts may explain the moves.
First, the Nasdaq Stock Market launched indexes tracking Bitcoin and Ethereum on February 11. That’s raising hopes of wider-ranging investment vehicles like exchange-traded funds (ETFs) eventually coming to market. The U.S. Securities and Exchange Commission has mostly resisted such measures so far. But does Nasdaq, the world’s No. 2 stock exchange, have the influence to push it through?
Second, JPMorgan Chase (JPM) has launched its own cryptocurrency known as “JPM Coin.” That’s a big announcement, coming from the top U.S. bank. It’s also interesting because CEO Jamie Dimon — who once presided over the New York Federal Reserve — once openly criticized cryptos. Does his acceptance signify a broader shift by the financial universe?
In conclusion, cryptocurrencies began to stabilize in late 2018. Now they’re trying to claw higher as news cycle seems to get a little more positive.