Bitcoin extends gain on reports of JPMorgan fund

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Bitcoin soared nearly 10% , after five straight days of losses, on reports that JPMorgan Chase (JPM.N) is planning to offer a managed bitcoin fund.

The cryptocurrency had slumped almost a fifth from its all-time high hit earlier this month.

It was last up 9.5% at $53,792.0 after touching its lowest since early March on Sunday. Other major coins ethereum and XRP , which tend to move in tandem with bitcoin, were up around 7.7% and 20.4% respectively.

JPMorgan is preparing to let certain clients invest in an actively managed bitcoin fund for the first time, CoinDesk reported on Monday.

Cryptocurrencies fell sharply on Friday on concern that U.S. President Joe Biden’s plan to raise capital gains taxes would curb investments in digital assets, though they later recovered some losses. read more

Bitcoin has lost over 19% from its April 14 record of almost $65,000. Still, the cryptocurrency has risen over 80% this year, fuelled by growing adoption from mainstream investors and companies such as Tesla Inc (TSLA.O).

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