JPMorgan analysts suggest that Bitcoin would not be able to sustain the all-time high until volatility drops significantly. Bank strategist Nikolaos Panigirtzoglu writes about this in Note for Investors.
He recalls that the capitalization of the first cryptocurrency has increased by 700 billion dollars since September 2020. The analyst attributes this dynamic to the growing role of retail investors and traders.
On February 17, the price of Bitcoin broke through the $ 51,000 level.
Previously, JPMorgan had expressed its willingness to support premier cryptocurrency trading if there was demand from clients.
We will recall, on February 10, that JPMorgan analysts suggested that large companies would not follow Tesla’s lead and invest in bitcoin due to the high volatility of the asset.
According to a survey by financial firm Gartner, only 5% of CFOs are willing to consider placing reserves in digital gold.
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