JP Morgan’s brand-new product comprehends a hamper of disproportionately weighted stocks directly or indirectly associated with cryptocurrency. The Securities and Exchange Commission (SEC) has granted approval to JP Morgan to release a Bitcoin exposure basket. This new product might work as a getaway for clients who wish to invest in virtual currency trading via this ETF.
According to the SEC, the cryptocurrency driven new product does not precisely expose investors to Bitcoin or other cryptocurrencies. Though, it is associated with the bank’s 11 disproportionately weighted stocks. These stocks most likely either directly or indirectly connected to cryptocurrencies.
Bitcoin is trading marginally under the $56,000 level following a correction from the weekly top of $57,515. Based on the chart pattern, the immediate support level is $52,000 before it slides further down. Moreover, based on the past couple of weeks of trading analysis, $43,564 is the level where bitcoin is finding its major support and bouncing back.