On Monday, March 1, bitcoin (EXANTE: Bitcoin) is recovering from its recent pullback by reaching the $47,000 mark. As of press time, BTC/USD is trading at $47,321.
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Chart of the USD/BTC trading pair from EXANTE
For its part, ether (ETH) has increased by 10.58% up to $1,505.39. ADA also shows positive signals with 0.50% gains and is now trading at $1.27. Analysts at FxPro say a correction on the stock market can play terrible tricks for cryptocurrencies, as the market has already seen that a sell-off in one sector easily provokes a sell-off in the other.
As iHodl earlier reported, JPMorgan Chase & Co. admitted that investors can add up to 1% of their allocation to bitcoin (EXANTE: Bitcoin) in order to achieve "any efficiency gain in the overall risk-adjusted returns of the portfolio."
The US bank's strategists believe that investors can invest 1% of bitcoin or other cryptocurrencies in an investment portfolio as a hedge against stocks, bonds or commodities.
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