Bitcoin price rises on strong buyer demand

Bitcoin is trading nearly 5% higher on Friday morning, the day after breaching $47,000 on the back of strong buyer demand.

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

The price was around $46,800 per coin, while rivals Ethereum and Dogecoin were trading 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 wealthiest clients.

A source told CoinDesk the fund is passive, which is a change from earlier reports saying wealthy investors would be pitched with an actively managed offering.

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

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

Wells Fargo did not immediately provide a comment to CoinDesk.

In other cryptocurrency news, Coinbase will be purchasing more than $500 million in cryptocurrency to add to its holdings, the exchange giant’s CEO and co-founder Brian Armstrong tweeted on Thursday.

https://twitter.com/brian_armstrong/status/1428489591665856512

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

According to a report Wednesday in The Wall Street Journal, Coinbase has amassed a cash stockpile of $4.4 billion to ensure it can continue growing despite potential business risks such as regulatory crackdowns, cyberattacks and declines in trading volume.

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