Yesterday saw the price of Bitcoin take a big turn and a good one at that! The price of the leading cryptocurrency shot up past $3,900 but many enthusiasts were left wondering why Bitcoin suddenly surged, almost out of nowhere!
Part of the reason for this random surge was down the announcement from JP Morgan that they will be launching its own JPM Coin cryptocurrency. Other leading cryptocurrencies, including Ethereum and EOS, experienced some great gains and built on the major market surge earlier this month.
JP Morgan Chases decision to launch its own cryptocurrency comes under three years after the CEO Jamie Dimon called Bitcoin a fraud and threatened to fire any trader found to be dealing with cryptocurrency.
The director of Mayfair-based cryptocurrency exchange, David Thomas said:
"The apparent U-Turn is interesting as it now means that wide audiences that have to date been distant from blockchain and cryptocurrency, are now sitting up and taking notice, with many feeling that this announcement will trigger many more like it.”
Continuing on from this Thomas stated:
"When all is said and done, and irrespective of what it actually does or doesn't do, the simple act of announcing something like this is great for demonstrating that views are changing and big players are active in the space. It will also do wonders for expanding the thirst for education in the space, which for us is one of the key barriers right now to making the crypto and blockchain market grow, along with regulation that we all now is imminently upon us."
Bitcoin is currently trading at its highest point since the start of the year as it has surged 5.08 percent over the past 24 hours giving it a price of $3,940 at the current time of writing.
Even though there is some really positive market movement, the latest levels still represent a big downturn since the huge surge that cryptocurrency increased by in 2017. Since this time, prices have seemingly gone downhill with a slow plummet near to its their current prices.
In this past day though has sparked some hope in investors with some moderate signs of recovery.
The senior market analyst at the online trading platform eToro, Mati Greenspan said, "These optimistic price movements, combined with a strong volume of apprximately $27 billion in the market, may well suggest that the long-awaited bull market is not far away."