According to banking specialists, the sharp decrease in the price of Bitcoin on October 10–11 and November 4–5 was due to the “unhealthy and shaky situation” in the derivatives market. “The main cryptocurrency absorbs 1.8 times more speculative capital relative to gold, therefore, its valuation should be higher. This implies an increase of 60–70% from the current value of $2 trillion. Such a capitalization volume suggests a rise to $170,000,” JPMorgan experts explained. The bank believes that the volatility of gold may soon increase, which will make the main cryptocurrency an even more attractive tool for hedge fund managers. According to analysts, the end of the quantitative easing program (asset buyback by the state) by the US Federal Reserve (Fed) starting in November will not provoke increased instability in the stock and crypto markets due to the limited mobility of the American banking sector. Previously, the head of JPMorgan Chase & Co, Jamie Dimon, announced that he is stopping publicly criticizing the first cryptocurrency.
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