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 institutional investors is still underway,” according to the report by JPMorgan analyst Nikolaos Panigirtzoglou.
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.