News
    Home   >     Original    >     Main body

    JPMorgan Names 3 Reasons Why Bitcoin Recently Hit $55K

    Abstract:JPMorgan has named the key factors behind Bitcoin's recent recovery

      U.S. banking giant JPMorgan has outlined some of the key reasons behind Bitcoin's recent rally to a multi-month high of $55,793 in its recent report cited by Business Insider.

      Image by tradingview.com:https://www.tradingview.com/symbols/BTCUSD/?exchange=Bitstamp

      Federal Reserve Chairman Jerome Powell making it clear that the central bank has no plans for a China-style crackdown on cryptocurrencies was singled out as the main factor behind the most recent price surge.

      U.S. Securities and Exchange Chair Gary Gensler also stated that his own agency neither has the authority nor intends to ban digital assets during a Wednesday hearing.

      JPMorgan also believes that the rapid adoption of the Lightning network, whose capacity recently exceeded 3,000 BTC, also contributed to the rally. The Layer 2 payment rail has witnessed a major adoption boost because of El Salvador and Twitter.

      Finally, Bitcoin is gradually replacing gold as a hedge against inflation:

      “The re-emergence of inflation concerns among investors has renewed interest in the usage of bitcoin as an inflation hedge.”

      As reported by U.Today, Galaxy Digitals Mike Novogratz recently predicted that the largest cryptocurrency could flip gold in a few years.

      Bitcoin is currently trading just above $54,000 after a slight pullback from recent highs.

      For more blockchain news, please download WikiBit - the Global Blockchain Regulatory Inquiry APP.

    Read more

    Bitcoin Global Legalization: A survey of countries that accept and reject Bitcoin.

    Since the inception of Bitcoin in 2009 by the unknown founder popularly known as Satoshi Nakamoto, the march for its legalization as well as other cryptocurrencies had continued till this point. While some countries had officially legalized Bitcoin and accepts it as a legal tender, others rather reject and ban it. The rest tend to maintain a neutral approach of tolerating it without either banning nor legalizing it. The major reason for this has been that Bitcoin and other cryptocurrencies lacks regulation and centralization and hence, beyond the control of the government. However, there is a general vision that given the popularity of Bitcoin itself and other cryptocurrencies, more countries will in no distant time give an official approval and legalization of Bitcoin and Cryptocurrencies.

    News 1635237643000

    Anybody That Does the Homework Eventually Invests in Bitcoin: SkyBridge Capital’s Scaramucci

    Founder of SkyBridge Capital believes that anyone who starts looking into Bitcoin seriously will end up buying.

    News 1635229120000

    Bitcoin (BTC) hashrate rose by over 30% since July. Here’s what it means.

    Bitcoin mining hashpower as gone from a low of 103 EH/s to touching as high as 189 EH/s within the last 3 months.

    News 1635224817000

    Byron Bay to Become Australia’s Bitcoin Mining Hub: Report

    The potential bitcoin mining center, employing renewable energy, could become the largest such facility in Australia.

    News 1635221459000