Bitcoin Rebounds After Hitting Lowest Level Since March

By Joanna Ossinger

Bitcoin rallied back Monday as investors took advantage of the lowest levels in seven weeks to pile back in.

The largest cryptocurrency rose as much as 13% to above $54,000, the biggest intraday gain since early February.

The move comes as JPMorgan Chase & Co. is preparing to introduce an actively managed Bitcoin fund to some clients as soon as this summer, Coindesk reported, citing unidentified people familiar with the matter. The rebound reverses a two-week slump that had pushed Bitcoin below its 100-day moving average amid technical warnings from Wall Street and fears of a growing crypto bubble.

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