Bitcoin is back up after hitting its lowest point since early March. What some are labeling a market correction others are seeing as an opportunity to get in on the action. 

Image Source: Upsplash

This spike in price was undoubtedly, at least in part, spurred by Coindesk announcing that JPMorgan Chase is planning to offer qualifying clients a new actively managed bitcoin fund. The Globe and Mail report that bitcoin has soared nearly 10% on Monday.

Bitcoin soared nearly 10% on Monday, after five straight days of losses, on reports that JPMorgan Chase 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.

While this did coincide with the news of Tesla selling $272 million worth of its holdings in Bitcoin,  it’s not surprising that people are still bullish on crypto. Bitcoin continues to trend on social media and the surrounding cult isn’t so easily dissuaded. Whether you call it faith or confirmation bias, JP Morgan’s plan is certainly one that's certainly backed by an aura of popular demand and this is precisely why the corresponding price surge is not at all surprising.

For now, Bitcoin is still going strong. Is it a bubble? Maybe. But so long as COVID restrictions have Americans playing day trader while working from home and Canadians keep putting their CRB cheques into more crypto and meme stocks, this trend seems likely to continue.