Bitcoin (BTC) is trading around $ 58,930 at 20:15 UTC (4:15 pm ET). It is up 0.3% from 0:00 UTC. Flat for the last 24 hours.
Bitcoin 24-hour range: $ 58,491- $ 60,102 (CoinDesk price)
Bitcoin changed little, after briefly surpassing $ 60,000 the previous Friday, but it quickly encountered selling pressure that caused the price of the largest cryptocurrency to slide back down to about $ 58,900 at press time.
“This could be an interesting weekend for bitcoin as much of the institutional money is expected to be idle,” said Edward Moya, senior market analyst at forex broker Oanda. “Weekend volatility has been a story this year, so many cryptocurrency watchers will see if any whales try to take advantage of the lack of liquid conditions.”
Although the price of bitcoin has nearly doubled this year, earnings have stalled at around $ 60,000, despite continued signs of growing widespread adoption, including lofty price predictions from Wall Street firms, including JPMorgan. Chase, the largest bank in the US, and the brokerage firm BTIG.
Related: For Bitcoin and Crypto, a week of integration moments
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 seeking low-correlation assets that diversify portfolios, Business Insider reported Thursday.
BTIG issued a “buy” rating on MicroStrategy shares of Michael Saylor, the bitcoin warehouse and business intelligence firm. The company’s analysts said its valuation was based in part on the assumption that BTC could rise to $ 95,000 by the end of 2022.
Bitcoin has been increasingly accepted by large 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 in a weekly newsletter Friday that he sees bitcoin “as an alternative to existing economic systems, which is why we believe it has sparked so much interest, especially in the current easy it was about money. “
Related: Decentralized DNS project handshake fixes inflation bug
Read More: Falling Bitcoin Volatility May Fuel Appeal, Make $ 130K Possible, Says JPMorgan: Report
Ether price rises to a new all-time high
Ether (ETH) is trading around $ 2,100. Up 6.5% from 0:00 UTC, 5.9% over the previous 24 hours.
Ether 24-hour range: $ 1,950- $ 2,097 (CoinDesk price)
Ether jumped to a new all-time high on Friday as the second-largest cryptocurrency extended its winning streak to five days.
The Ethereum blockchain’s native cryptocurrency, ether, was trading as high as $ 2,097 around 8:41 p.m. UTC, according to data from CoinDesk 20.
The price has recovered 24% this week in the wake of Visa’s decision to facilitate crypto-based deals on the Ethereum network.
Billionaire investor Mark Cuban, who hosts the CNBC show “Shark Tank” and owns the Dallas Mavericks professional basketball team, said on a recent podcast episode that he is bullish on cryptocurrencies, including bitcoin, but that Ethereum is ” the closest we have to a true currency. ” . “
According to data tweeted by options analysis platform Genesis Volatility, traders are aggressively buying the $ 25,000 call option expiring on December 31, 2021, which is listed on Deribit, the world’s largest crypto options exchange for trading volumes and open interest.
Read more: Ether price jumps to an all-time high