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.
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.
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