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Market Wrap: Ether Jumps to All-Time High as Bitcoin Stalls Despite JPMorgan’s $130K Call

The stock was up on Friday, when the price of the second largest cryptocurrency jumped to a new all-time high.

  • Bitcoin (BTC) trading around $58,930 as of 20:15 UTC (4:15 p.m. ET). Up 0.3% since 0:00 UTC. Flat over the previous 24 hours.
  • Bitcoin’s 24-hour range: $58,491-$60,102 (CoinDesk pricing)
Bitcoin price over past month. 
(CoinDesk)

Bitcoin changed little after briefly pushing up $ 60,000 on Friday, but quickly encountered selling pressure that brought the price of the largest cryptocurrency back to around $ 58,900 at launch

“This could be an interesting weekend for bitcoin, as much of the institutional money is expected to be inactive,” said Edward Moya, senior market analyst at foreign exchange brokerage Oanda. “The volatility of the weekend has been somewhat of a story this year, many crypto watchers will look to see if any whales try to take advantage of illiquid conditions.

Although bitcoin has practically doubled in price this year, earnings have stopped at around $ 60,000, despite continued signs of increasing conventional adoption, including high price forecasts from Wall Street companies, including JPMorgan Chase, the largest US bank , and the BTIG broker.

JPMorgan issued a note on Thursday arguing that bitcoin could reach a long-term price of $ 130,000 if its volatility continues to decline. According to the bank, Bitcoin is becoming more attractive to institutions looking for low-correlation assets that diversify portfolios, Business Insider reported on Thursday.

BTIG issued a “buy” rating on MicroStrategy shares of Michael Saylor, the bitcoin deposit and business intelligence company. The company’s analysts said its assessment was partly based on the assumption that the BTC could rise to $ 95,000 by the end of 2022.

Bitcoin has been increasingly adopted by major investors as a potential hedge against inflation, in the face of trillions of dollars of stimulus from governments and central banks around the world, trying to shake up their coronavirus-ravaged economies.

Greg Cipolaro, head of research at digital asset manager NYDIG, wrote on Friday in a weekly newsletter that sees bitcoin “as an alternative to existing economic systems, which is why we think it has sparked so much interest, especially in the current easy it was money. “

Ether Price Jumps to New All-Time High

Ether jumped to a new all-time high.
Source: CoinDesk
  • Ether (ETH) trading around $2,100. Climbing 6.5% since 0:00 UTC, 5.9% over the previous 24 hours.
  • Ether’s 24-hour range: $1,950-$2,097 (CoinDesk pricing)

Ether jumped on Friday to a new all-time record, with the second largest cryptocurrency extending its winning streak to five days.

Ethereum’s native blockchain cryptocurrency, ether, traded at $ 2,097 around 20:41 UTC, according to data from CoinDesk 20.

The price rose 24% this week after Visa’s decision to facilitate crypto-based deals on the Ethereum network.

Billionaire investor Mark Cuban, who hosts CNBC’s “Shark Tank” program and owner of professional basketball team Dallas Mavericks, said in a recent podcast episode that he is optimistic about cryptocurrencies, including bitcoin, but that Ethereum is “the closest that we have of a real currency. ”

According to data tweeted by the option analysis platform Genesis Volatility, traders are aggressively buying the $ 25,000 call option due on December 31, 2021, listed on Deribit, the world’s largest volume crypto options exchange. and open contracts.

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