Bitcoin price rose as a result of the movement that started in social media under the leadership of Elon Musk. The JPMorgan analyst cautioned against a possible drop, citing the lack of solid foundation of this rise.
Tesla CEO Elon Musk updated his Twitter bio to “Bitcoin” before the weekend. It is thought that the 20 percent rise that Bitcoin experienced after this started with this trend. Bitcoin from 32 thousand to 38 thousand dollars; dropped to 34 thousand dollars on the first day of the week.
“It has not been seen in 50 years”
According to Bloomberg, JPMorgan analysts prepared a report after this move. Bitcoin started Monday with a market cap of $ 630 billion and a market dominance of 61 percent.
Comparing the events of the week with the past events, the JPMorgan team said, “Including the bubble markets, there is not such a steep graphic as bitcoin has drawn for 50 years.” He commented. In the report, led by John Normand, it was emphasized that a decrease may be seen after this activity.