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Quick return to 40,000 needed to restore bitcoin rally

Bitcoin suffered a bump which can provoke another crypto-recession

25.Jan.21 8:10 AM
By Abigail Richards


Quick return to 40,000 needed to restore bitcoin rally
The question is whether the bitcoin will quickly resume its advance to over $ 40,000, experts of the American bank JPMorgan Chase say. They say that there is currently a less strong demand from large investors to invest in an important unit trust for bitcoins, writes Bloomberg.

The influx of new money into the major investment fund Grayscale Bitcoin Trust of more than 20 billion dollars seems to have reached a peak, according to the experts. Institutional investors can buy a share in that fund and thereby hitch a ride on bitcoin's price movements. But according to JPMorgan, there is now a risk that investors will run down positions.

The price of the Grayscale fund has fallen by 22% in the last two weeks, while bitcoin lost 17% of value in that period. The best-known digital currency in the world has reached an absolute record level of over 41,000 dollars, aided by the growing interest of large companies and investors in the digital currency.

The bitcoin recorded a rate of about $ 32,700 on Monday morning, a 2% bump. Over the past year, the value jumped by as much as 260 percent. The bitcoin was launched in early 2009 and was only worth a few cents. At the end of 2017, it reached a peak of nearly $ 20,000. But then the crypto landed hard and the digital coins lost much of it value before the new revival in 2020.

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