Bitcoin at a New Monthly High after an Upbeat JPMorgan Report
- Bitcoin’s price shoots past $56,700 a coin to start the week, up for a third straight day on Monday
- A recent report by JPMorgan says bitcoin is preferred by investors looking for an inflation hedge
What’s Today’s News in Crypto?
The cryptocurrency market is hitting its stride early Monday as traders shift gears and enter into another week of volatility. Heading into this week’s trading, the crypto space environment remains positive.
Even more so, digital assets keep near their recent highs after an upbeat report arrived from Wall Street mainstay JPMorgan. The investment bank released a research which said institutional investors sought increased exposure to bitcoin as a way to protect against inflation.
“Institutional investors appear to be returning to bitcoin perhaps seeing it as a better inflation hedge than gold,” JPMorgan said. Analysts at the banking giant noted the recent green light for crypto from US policymakers was behind bitcoin’s price surge. In more detail, the SEC, the Treasury, and the Fed, said this month they have no plans to ban digital assets.
Additionally, the report from JPMorgan highlighted that current inflation pressures have prompted investors to seek a safe haven in bitcoin. “The re-emergence of inflation concerns among investors has renewed interest in the usage of bitcoin as an inflation hedge.”
What’s the Price of Bitcoin?
After a solid 35% push to the upside since September 30, the price of bitcoin hovers near $56,000 a coin. In the early hours of Monday’s market action, bitcoin climbed to an intraday high of $56,700. Today’s high marked bitcoin’s monthly peak and a price level last seen on May 12. Still, crypto traders experience a calm session so far after the token made a spectacular entry in October.
In addition, the original cryptocurrency is looking to finish its third day in positive territory. Momentum, however, has slowed down a bit. For the past four days, the price of bitcoin has been trading sideways between $53,500 to $56,000 a coin.
How to Buy Bitcoin?
This year, the cryptocurrency market has made significant progress toward mainstream adoption. With the rise in popularity, bitcoin has been increasingly available for purchase by both beginners and experienced traders alike. If you’re looking to buy bitcoin and want to understand the steps to do so, simply head over to our comprehensive guide that will give you all you need to know.