Fall can finally be there, but any imminent cryptographic winter still seems far away. Friday, Bitcoin continued its five-day rally at nearly $ 124,000, only hundreds of dollars compared to a summit of all time that the main cryptocurrency marked in mid-August. And for observers of longtime cryptography, the beginning of October is up to its nickname “Uptobr”.
Despite the volatility of stock prices stimulated by the closure of the United States government, the Bitcoin price climbs regularly since last Sunday, the investors were agitated by a Thursday report JPMorgan analysts who predicted that this could reach $ 165,000 by the end of the year, citing the usefulness of Bitcoin as a cover against the devaluation of fiduciary currencies.
Crypto defenders have long argued that Bitcoin could serve as a refuge in the midst of government uncertainty because of its decentralized architecture, although cryptocurrency has often negotiated with the step with traditional stock markets. But in recent months, investors have poured into Bitcoin in the midst of pricing threats. JP Morgan analysts argued that Bitcoin remains undervalued compared to another favorite coverage among investors: gold.
Other cryptocurrencies have also increased in recent days, with Ethereum Climbing almost 9% in last week at $ 4,500.
Not everyone agreed with JPMorgan’s pink prognosis. Alex Blume, the founder and CEO of the advisor in placement Two Prime, described the recent Bitcoin gains as a “precarious rally” in the comments shared with Fortunearguing that it could be caused by investors awaiting a rally of the fourth quarter. However, Blume stressed that even the equity prices are upwards, which means that the market reacts to a broader monetary policy, including the reduction rates for reducing the federal reserve. “There is almost no other way to predict the future other than more printing of money, a clear advantage for the BTC,” he wrote.
The rise of the crypto intervenes while the US regulatory agencies continue to loosen the restrictions on access to investors to digital assets. The recent decisions of the Securities and Exchange Commission have granted new funds negotiated on the stock market focused on cryptocurrencies such as XRP and Solana, as well as the creation of a opening So that various financial companies for the custody of digital assets on behalf of their customers.
Dissineer alone at the dry, Commissioner Caroline Crenshaw, argued in a statement Earlier this week, the new interpretation could open investors to the risks, from theft to the diversion of their assets. “I fear that the active ingredients of investors can go through the meshes of the net,” she wrote.
