The growth in the price of the first cryptocurrency, demonstrated since the beginning of the year, has every chance of continuing. This forecast was given by Bank of America analysts. Bloomberg.
Alkesh Shah and Andrew Moss came to this conclusion based on the outflow of bitcoin from exchange wallets to personal ones. For the week ending April 4, the flow amounted to $368 million in cryptocurrency.
They admitted that the withdrawal of funds may be due to concerns due to regulatory pressure on the platforms.
On April 11, Bitcoin quotes broke the $30,000 level for the first time since June 2022. Since December 31, the asset has risen in price by more than 80%. The Nasdaq 100 index has added 19% during this time, gold quotes – about 9%.
The growth of the cryptocurrency followed against the backdrop of a drop in liquidity and trading volumes on the crypto market as a result of the collapse of FTX and a number of other companies in the industry.
Analysts at Bank of America noted that, unlike digital gold, Ethereum recorded the most significant weekly inflow of coins to exchanges in 2023. This could potentially lead to selling pressure on the price. An additional impact could come from the Shapella update, which will open up the possibility of withdrawing Ethereum from staking.
Experts from JPMorgan Chase and Fidelity assessed the potential impact of the hard fork on the prospects for Ethereum price movement in different ways.
Source: Cryptocurrency
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