Investors earn billions of dollars in Crypto market as JP Morgan, Elon Musk affirm Bitcoin sentiment

NairametricsApr 27, 2021Read original

Leading crypto assets were all fired up, as good macros pushed almost all the top crypto assets in recording impressive gains amid the rebounding dollar at Tuesday’s trading session.

The global crypto market value at the time of writing was trading $2 trillion, posting a 4.38% increase over the last day.

Elon Musk, one of the richest and most powerful businessmen in the world took to Twitter to dispel rumours that he had sold his personal Bitcoin holdings despite his company, Tesla realizing record profits from its recent Bitcoin sale.

Investors were initially jittery on reports that Tesla, the world’s most valuable car company sold some of its Bitcoin holdings in Q1 for $272 million, trimming the company’s Bitcoin holding by 10%.

JP Morgan Chase, the world’s most valuable bank also announced recently that it was offering an actively managed Bitcoin fund to its wealthy clients, further lending credence to Bitcoin’s treasury fundamentals. The flagship crypto was priced at about $53,344, up 12% for the day, while the utility crypto, Ethereum traded at $2,478.32 with a gain of about 12.00%.

Bitcoin’s market cap was last at $990 billion or 50.64% of the total cryptocurrency market value, while Ethereum’s market cap totalled $283 billion or 14.47% of the total cryptocurrency market value.