Bitcoin, Ethereum, XRP and crypto critics previously said he expects a crash in the price of Bitcoin and a collapse in the crypto market. (Photo by Win McNamee/Getty Images)Getty Images
BitcoinBTC and cryptocurrencies have surged in recent months, prompting the Biden administration to declare a crypto “emergency.” Ethereum is up 50% and XRPXRP is up 35% in the last year.
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The price has surpassed $50,000 per Bitcoin, making it a $1 trillion asset again and pushing the entire Ethereum, XRP and crypto market to over $2 trillion (with some claiming , “this time everything is different” because there is a threat of an earthquake).
Now, as a leak revealed that a controversial digital dollar could be closer to the central bank than expected, Wall Street giant JPMorgan has suddenly changed its tune on Bitcoin and crypto exchange Coinbase thanks to the launch of institutional “Fomo.”
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“We believe this Bitcoin appreciation contributes to a better spot Bitcoin ETF.” [exchange-traded funds] Flows that in turn drive up Bitcoin prices and drive up other tokens as well,” JPMorgan analysts led by Kenneth Worthington wrote in a client note seen by Coindesk.
The arrival of a long-awaited fleet of spot Bitcoin ETFs on Wall Street last month has led to a 25% rise in the price of Bitcoin as asset managers led by Blackrock and Fidelity accumulate huge amounts of Bitcoin.
This week, the nine new Bitcoin ETFs recorded around $630 million in inflows in just one day, totaling over $10 billion in assets under management.
“Given the acceleration of inflows into Bitcoin ETFs in recent days and the significant price increase of Bitcoin and now EthereumETH, we are returning to a 'neutral' rating on Coinbase as we see that higher cryptocurrency prices are not only sustaining activity levels, but improve.” and Coinbase’s earning power, as we expect [the first quarter of 2024]”Worthington wrote.
Coinbase, which acts as the Bitcoin custodian for the lion's share of Bitcoin ETFs, has seen its share price rise just over 400% since hitting an all-time low in January 2023.
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Although analysts at JPMogan have raised their outlook for Coinbase, bank boss Jamie Dimon remains a staunch Bitcoin and crypto skeptic and recently predicted that Bitcoin's mysterious creator, Satoshi Nakamoto, could actually destroy the technology.
“I think there's a good chance that… when we get to 21 million Bitcoins, [Satoshi Nakamato] will show up there, laugh hysterically, fall silent and all Bitcoins will be deleted,” Dimon, who also said he has stopped talking about Bitcoin, told CNBC on the sidelines of the World Economic Forum (WEF) in Davos.
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I am a journalist with extensive experience in technology, finance, business and business around the world. As founding editor of Verdict.co.uk, I have reported on how technology is changing the economy, political trends and the latest culture and lifestyles. I have covered the rise of Bitcoin and cryptocurrencies since 2012, charting its emergence from a niche technology into the greatest threat to the established financial system the world has ever seen and the most important new technology since the Internet itself. I have worked and written for CityAM, the Financial Times and the New Statesman, among others. Follow me on Twitter @billybambrough or email me at billyATbillybambrough.com. Disclosure: I occasionally own a small amount of Bitcoin and other cryptocurrencies.
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