JPMorgan named the reason for the rise in price of bitcoin above $ 67 thousand

Investment bank analysts have denied the opinion that the launch of the first Bitcoin ETF in the United States was the reason for the new all-time high of the first cryptocurrency Analysts at JPMorgan believe …

Investment bank analysts have denied the opinion that the launch of the first Bitcoin ETF in the United States was the reason for the new all-time high of the first cryptocurrency

Analysts at JPMorgan believe that the reason for the rise in the price of bitcoin above $ 67 thousand is the growth of inflation and the desire of investors to protect themselves from it, and not the start of trading in the first US bitcoin ETF company ProShares, Bloomberg reports . The investment bank is confident that the Bitcoin Strategy ETF (an exchange-traded fund based on bitcoin futures of the Chicago Mercantile Exchange) is unlikely to attract much funds to the first cryptocurrency.

JPMorgan noted that investors in recent months are ditching gold in favor of bitcoin to protect capital from inflation. As an example, analysts cited an outflow of $ 3.6 billion from the SPDR Gold Shares ETF (ticker GLD), which occurred over the past few months.

The Bitcoin Strategy ETF (ticker BITO) was the first U.S. exchange-traded fund based on bitcoin futures and received the approval of the Securities and Exchange Commission (SEC). The Bitcoin Strategy ETF started trading on October 19 on the New York Stock Exchange (NYSE). In two days of trading, assets under the management of the exchange-traded fund exceeded $ 1 billion.

On October 20, Bitcoin hit its all-time high above $ 67,000 per coin. At 11:20 Moscow time, the asset is trading at $ 65.5 thousand, and its capitalization is $ 1.23 trillion. Since the beginning of October, the first cryptocurrency has risen in price by 43%.

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