{"id":383260,"date":"2021-01-18T14:50:39","date_gmt":"2021-01-18T12:50:39","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=383260"},"modified":"2021-01-18T14:52:06","modified_gmt":"2021-01-18T12:52:06","slug":"bitcoin-climbing-back-to-key-40000-value","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/383260-bitcoin-climbing-back-to-key-40000-value.html","title":{"rendered":"Bitcoin climbing back to key $40,000 value"},"content":{"rendered":"

Bitcoin rose to $37,000 on Monday, back toward a level that strategists at JPMorgan Chase & Co. see as an inflection point for the digital coin.<\/p>\n

The cryptocurrency could be hurt by an exodus of trend-following investors unless it can \u201cbreak out\u201d above $40,000 soon, a team including Nikolaos Panigirtzoglou said.<\/p>\n

The pattern of demand for Bitcoin futures and the $22.9 billion Grayscale Bitcoin Trust will help determine the\u00a0outlook<\/a>,<\/strong> they added.<\/p>\n

\u201cThe flow into the Grayscale Bitcoin Trust would likely need to sustain its $100 million per day pace over the coming days and weeks for such a breakout to occur,\u201d the strategists wrote in a note on Friday.<\/p>\n

Traders seeking clues about investor appetite for risk have been gripped by Bitcoin\u2019s stunning rally and turbulent 12% slide from a record of almost $42,000 on Jan. 8.<\/p>\n

The cryptocurrency boom since March has reflected the ebullience of financial markets awash in stimulus — as well as concern over whether gains will ultimately prove fleeting.<\/p>\n

The JPMorgan strategists said Bitcoin was in a similar position in late November<\/strong><\/a>, except with $20,000 as the test. Flows of institutional investment into the Grayscale trust helped the world\u2019s largest cryptocurrency extend its rally, they wrote.<\/p>\n

Trend-following traders \u201ccould propagate the past week\u2019s correction\u201d and \u201cmomentum signals will naturally decay from here up till the end of March\u201d if Bitcoin\u2019s price fails to break above $40,000, they said.<\/p>\n

Bitcoin rose about 1.6% to $37,138 as of 12:29 p.m. in London on Monday. Ether, another popular digital coin, shed 1.6% to $1,241.<\/p>\n

Exactly what\u2019s driven the yearlong near-quadrupling in Bitcoin\u2019s price remains murky. Commentators have cited day traders, wealthy buyers, hedge funds, companies and even signs of interest from long-term investors like insurers.<\/p>\n

\u2018Dread to Think\u2019<\/h3>\n

Some, like Chris Iggo, remain skeptical of Bitcoin\u2019s appeal to large institutions.<\/p>\n

\u201cI dread to think what most risk officers would think about that being in a core investment portfolio,\u201d the chief investment officer of core investments at Axa Investment Managers wrote in a note. \u201cFor assets to be considered in a long-term investment portfolio one should be able to attach some fundamental intrinsic value to them.\u201d<\/p>\n

Bitcoin\u2019s proponents argue it\u2019s maturing as a hedge for dollar weakness and the possibility of faster inflation in a recovering global economy. Others say its defining characteristic remains speculative booms followed by busts.<\/p>\n

\"\"<\/a><\/p>\n

\n

Now read: Trillions in Bitcoin locked away due to lost or forgotten passwords<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"

Bitcoin rose to $37,000 on Monday, back toward a level that strategists at JPMorgan Chase & Co. see as an inflection point for the digital coin.<\/p>\n","protected":false},"author":341034,"featured_media":383268,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_threads_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[44696],"tags":[187,191],"class_list":["post-383260","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-bitcoin","tag-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/383260"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=383260"}],"version-history":[{"count":1,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/383260\/revisions"}],"predecessor-version":[{"id":383272,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/383260\/revisions\/383272"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/383268"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=383260"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=383260"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=383260"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}