Bitcoin price above $37,000 leads cryptocurrencies higher
May marked a 35% drop in price for bitcoin, making it one of the worst months to date for the cryptocurrency
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Bitcoin was trading more than 2% higher on Wednesday morning.
The price was around $37,134 per coin, while rivals Ethereum and Dogecoin were trading around $2,677 and 39 cents per coin, respectively, according to Coinbase.
COINBASE PARTNERING WITH APPLE, GOOGLE WALLETS FOR CRYPTO PURCHASES
Cryptocurrency purchases could become easier with the launch of the Coinbase Card. The card is partnering with Apple Pay and Google Pay.
According to a blog post Tuesday, select customers on the Coinbase Card's waitlist will become eligible to earn up to 4% back in crypto rewards on purchases starting this week.
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The cryptocurrency exchange operator says it will automatically convert all digital currencies to U.S. dollars and transfer the funds to a user's Coinbase Card for everyday purchases.
Its uses will range from grocery deliveries and pet supplies to home office goods and ATM withdrawals.
BITCOIN CONTENDS WITH BIGGEST MONTHLY DROP ON RECORD
Following a weak month, institutional investors have demonstrated a weak appetite when it comes to buying the dip, according to analysts at JPMorgan and reported by Coindesk.
"Bitcoin funds continue to see outflows and gold exchange-traded funds continue to see inflows, suggesting that the shift away from bitcoin and back into traditional gold by institutional investors is still underway," according to the report by JPMorgan analyst Nikolaos Panigirtzoglou.
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May marked a 35% drop in price for bitcoin, making it one of the worst months to date for the cryptocurrency.
The analyst sees medium-term fair value for bitcoin in the $24,000 to $36,000 range.