Institutions buying Bitcoin rather than gold as inflation cranks up:
© Reuters.
(BTC) has led a 35% rally this week by soaring far above the $50,000 resistance level and restoring a $1 trillion market capitalization to the asset.
According to a note shared by JPMorgan (NYSE:) with clients on Thursday, the recent increase in price for BTC was predominantly attributed to institutional investors looking for a hedge to inflation.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Read More: Institutions buying Bitcoin rather than gold as inflation cranks up: