JPMorgan analysts say the recent bitcoin’s surge to a record $50,000 isn’t sustainable unless the cryptocurrency’s price swings cool down quickly, according to Reuters. Bitcoin looked to gain acceptance among mainstream investors and companies when it hit a record $51,300 on Wednesday.
- Bitcoin’s three-month realised volatility, or actual price moves, is 87% more than 16% for gold, prompting concerns it could threaten the U.S. investment bank.
- The total value of all bitcoin in circulation has risen to $900 billion from $200 billion in September, with a total inflow of only $11 billion from institutional investors during the period.
- Bitcoin’s limited supply, based on “miners” generating a set number of new coins has made holders charge a premium on the digital coins coming to market.
Bitcoin is currently gaining. BTCUSD is up 2.86%