JP Morgan Comments on Bitcoin (BTC) Above $55K
- JP Morgan points out the behind the scenes of BTC’s recent surges .
- Liquidations upon BTC have increased over the past few weeks.
- BTC legal tender adoption by El Salvador owes to be one major reason.
The Bitcoin (BTC) shook the whole crypto industry on October 6, after peeking its head above the $55K benchmark. The whole crypto industry danced in joy as many prominent altcoins too followed the surge, due to the rise of BTC.
In spite of all this, JP Morgan, America’s leading financial analyst and investment firm, shares their views and points out various aspects behind the surge of BTC.
Aspects Behind Rise of BTC
We all know that BTC reached $55K on October 6 from about $40K. This is the highest for the past few months for BTC to raise its head above $55K. In spite of all this, the JP Morgan analyst team predicted various reasons behind this recent surge.
Accordingly, they term that about three major factors are responsible for such drastic rise in BTC price.
Firstly, JP Morgan points out that the U.S has officially made certain reforms upon the cryptocurrency and BTC. All these tend to be in favour of BTC profusely. Despite China’s strict ban on BTC, the U.S seems to be not so. This is one major reason, kind of like an encouragement for people to invest in BTC.
Secondly, El-Salvador’s BTC legal tender into complete action is also another vital reason. This is due to the fact that the partner for El-Slavador’s BTC legal tender, the Lightning Network along with various other 2nd layer payment solutions altogether surged up.
Thirdly, the inflation fever has again caught up among the investors in recent times. In spite of this, the possibility of inflation of BTC has kindled the interest among investors to invest more upon BTC. Also, more investors now seek BTC as an inflation hedge evidently.
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Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
