Bitcoin Price Rises Due To Strong Demand From Buyers

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Bitcoin is trading nearly 5% higher on Friday morning, the day after the $ 47,000 surge due to strong demand from buyers.

Bitcoin hit a 24-hour high of $ 47,359 and is now showing a 62.2% year-to-date return, according to data from CoinDesk.

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The price was around $ 46,800 per coin, while rivals Ethereum and Dogecoin were trading at around $ 3,200 and 31 cents per coin, respectively.

Wells Fargo reportedly registered a private bitcoin fund with U.S. regulators on Thursday. Wells Fargo is the latest mega-bank with an indirect crypto investment vehicle for its wealthier clients.

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A source told CoinDesk that the fund is passive, which is a change from previous reports that high net worth investors would benefit from an actively managed offering.

NYDIG and FS Investments are partnering with Wells Fargo on the offer, according to regulatory documents.

JPMorgan’s passive bitcoin fund was also filed with the Securities and Exchange Commission on Thursday.

Wells Fargo did not immediately provide a comment to CoinDesk.

In other cryptocurrency news, Coinbase will buy more than $ 500 million in cryptocurrency to add to its holdings, the CEO and co-founder of the stock exchange giant, Brian Armstrong tweeted Thursday.

The company began trading publicly in April via a direct listing, and earlier this month, according to Coindesk.

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According to a report in the Wall Street Journal on Wednesday, Coinbase has amassed $ 4.4 billion in cash stock to ensure it can continue to grow despite potential business risks such as regulatory crackdown, cyber attacks and the decline in the volume of transactions.

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