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Surging demand for BTC boosts its price
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Surging demand for BTC boosts its price

Bitcoin is back in the spotlight! Demand for it is steadily rising. According to JPMorgan analysts led by Nikolaos Panigirtzoglou, the growing interest in Bitcoin is linked to a 4%-5% drop in the dollar and a sharp fall in the real yield of US Treasury bonds. The bonds have plunged by 50-80 basis points in just a few weeks.
Experts estimate that the demand for the leading cryptocurrency has exceeded initial expectations. This can be attributed to several factors, including heightened geopolitical tensions, increased fears about inflation, budget deficits in developed countries, and rising distrust of fiat currencies, especially in emerging markets.
These four reasons have shaped a specific financial landscape. Against this backdrop, JPMorgan emphasizes that many investors are seeking safe-haven assets to preserve their capital.
Earlier, analysts at trading firm QCP Capital estimated the political impact on the cryptocurrency market. They believe that despite the escalation of the Iran-Israel conflict, Bitcoin could soar to $110,000 by the end of 2024.
Published 09 October 2024
© InstaFintech Group
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