Under the current conjuncture, the bitcoin rate will not be able to re-exceed $ 40 thousand, said strategists at the JPMorgan investment bank led by Nikolaos Panigirtzoglu. Experts are confident that the demand from large institutional investors is not enough for such a growth in the first cryptocurrency, writes RBC Crypto with reference to Bloomberg reports. At 11:00 Moscow time, BTC is worth $ 33,300, according to coinmarketcap.com.
“The flow of institutional investors’ capital through the Grayscale Bitcoin Trust is not enough to keep Bitcoin above $ 40,000,” JPMorgan suggested.
The rate of infusion of funds into bitcoin through the Grayscale fund has reached its peak and has now begun to decline, experts say. The situation could be exacerbated by traders trading cryptocurrency futures. As a result, the combination of risks speaks in favor of a market decline, the investment bank warned.
Through the Grayscale fund, investors have invested almost $ 21 billion in bitcoin. According to bybt.com, over the past six months the number of coins purchased by the company has increased from 350 thousand to almost 650 thousand BTC.
On January 22, Brett Messing, chief operating officer of the investment company Skybridge Capita, said that the bitcoin rate could rise to $ 500 thousand. He called the massive inflow of capital from institutional investors the key condition for such growth.
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