- Bitcoin remains largely flat throughout weekly trading
- JPMorgan CEO calls for cryptocurrency regulation
Bitcoin has been relatively steady this week. The cryptocurrency market participants are not generally used to seeing the largest digital asset hover near unchanged levels for a whole week. However, in the current week, Bitcoin gravitated around the $58,000 mark with a few slight deviations. Bitcoin opened the week around $57,900 and currently gyrates near $58,100. This is a weekly change of less than 1% to the upside.
How Did Bitcoin Perform This Week?
The biggest crypto asset made one attempt to break above $60,000. On Tuesday, crypto bulls managed to bring the price of Bitcoin to a weekly high of $59,500. The buying momentum fizzled out rather quickly after efforts fell short and there was a lack of positive developments,
On Wednesday, Bitcoin dropped to its weekly low in a 5% decline on the day. The price reached $55,400 per bitcoin before supporters took action. This resulted in the uplifting of the digital asset to current market prices.
Bitcoin In The Press, Potential Reason
Meanwhile, a few negative press reports made headlines this week that could have put a lid on Bitcoin’s price.
In a letter by JPMorgan CEO Jamie Dimon, cryptocurrency regulation is “a serious emerging issue” that “needs to be dealt with, and rather quickly”. Jamie Dimon, a notable bitcoin opponent, called bitcoin a “fraud” back in 2017 and said that investors in bitcoin were “stupid.” However, JPMorgan has been warming to the digital asset market. Strategists of the investment firm recently advised their clients to allocate 1% of their portfolio to bitcoin.
Moreover, Peter Thiel, cofounder of PayPal, said during a Nixon seminar that Bitcoin “should also be thought of in part as a Chinese financial weapon against the U.S.” According to Mr. Thiel, bitcoin is now used as a currency by China to fight the dollar’s global influence. Peter Thiel warns that the US government should start investigating “how this works.”
Bitcoin heads into the weekend with a weekly price pretty much unchanged as crypto enthusiasts remain determined and waiting for cues that could propel a new rally in bitcoin’s price.
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