Bitcoin Down 2%·Dogecoin Up 2%... Institutions Avoid Bitcoin While Individual Investors Increase

[Asia Economy New York=Correspondent Baek Jong-min] Cryptocurrencies, which showed relatively stable trends during the Memorial Day holiday, are now showing mixed movements.

[Photo by the official website] Ethereum logo.

According to CoinMarketCap on the 1st (local time), Bitcoin is trading at $35,900, down 2.5% compared to 24 hours ago.

Ethereum, the second largest by market capitalization, has fallen 3% and remains in the $2,540 range.

Dogecoin has risen 2.1%, trading around 33 cents. Cardano is up about 3%, and Binance Coin is up about 1%.

On this day, reports of both positive and negative news regarding cryptocurrencies such as Bitcoin were mixed.

Investment bank JP Morgan reported that institutional investors are expanding their investments in gold instead of Bitcoin. JP Morgan stated, "Funds have continued to flow out of Bitcoin funds, while gold-related funds have continuously attracted capital."

JP Morgan advised that the mid-term appropriate price range for Bitcoin is $24,000 to $36,000.

On the other hand, CNBC cited a survey by the American Asset Management Association, reporting that about 49% of financial planners (FPs) received inquiries about cryptocurrencies from clients over the past six months. This is a significant increase from 17% in 2020.

Additionally, 26% of responding FPs said they plan to recommend cryptocurrencies within the next 12 months. Fourteen percent of respondents said they are already investing in or recommending cryptocurrencies. Compared to less than 1% in 2019 and 2020, positive investment advice regarding cryptocurrencies has sharply increased.

Meanwhile, cryptocurrency exchange Coinbase announced that U.S. customers can purchase cryptocurrencies through cash cards stored in Apple Pay and Google Pay wallets.

This content was produced with the assistance of AI translation services.