BTC’s pricing is at a crucial turning point, according to JPMorgan strategists.
Grayscale Investments, the world’s largest digital asset manager, could be the key to Bitcoin’s short-term pricing outlook, according to JPMorgan Chase.
Bitcoin’s Thermocap Metric shows that the upward cycle of BTC is just beginning
As Bloomberg reports, strategists led by Nikolas Panigirtzoglou believe that Bitcoin could lose its luster in the short term unless it can „surpass“ $40,000. The flagship crypto currency broke that key level twice this month, once in the cycle leading up to new all-time highs nearing $42,000 last week.
Strategists determined that Grayscale’s Bitcoin Trust, which currently has $23 billion in assets under management, will play a crucial role in whether BTC returns to that level or not.
They wrote:
„The flow into Grayscale’s Bitcoin Trust would probably need to maintain its $100 million a day pace over the next few days and weeks for such a break to occur.
GBTC has a new competitor in the Bitcoin OTC market
If BTC doesn’t recover the $40,000, traders following the trend „could spread last week’s correction,“ analysts said. That means the path of least resistance could be downward.
Since breaking above USD 20,000 in December, the price of Bitcoin has more than doubled in just three weeks. The digital currency has stagnated in recent weeks as traders search for the next big catalyst.
JPMorgan Chase Executives Speak Out on Stablecoin Regulation and Competition in Cryptcoin
Meanwhile, Grayscale continues to exert considerable influence on the cryptomoney market. Average weekly inflows into Grayscale’s digital asset products reached $250.7 million in the fourth quarter, setting a new all-time record. Bitcoin Trust generated $217.1 million in average weekly inflows.
As Cointelegraph reported last week, Bitcoin’s price rose sharply after Grayscale reopened its services to new investors on January 13.
Booking partners with Crypto.com to accept payments with cryptosystems
The world of travel is evolving. Booking has partnered with the Crypto.com platform to accept payments in cryptomonies
Booking has partnered with the Crypto.com platform to accept payments with crypto-currencies. In addition, with this partnership, the OTA, led by Glenn Fogel, offers exclusive travel discounts to users of that platform. This was reported in the specialized portal Reportur, from Mexico, on January 18.
Hotel chains will be able to receive payments with crypto-currencies thanks to the alliance between Criptan and Mirai, in Spain
According to the publication, the agreement will give Crypto.com customers the opportunity to enjoy a 25% discount on the more than 28 million accommodations offered by Booking.
In addition, they said that the alliance means that Booking will expand its potential customer base by providing direct access to five million Crypto.com users
Crypto.com’s General Manager for Latin America: „Latin America has a very strong crypto community
Crypto.com CEO and co-founder Kris Marszalek said:
„In 2020, our Crypto.com Visa card program grew to become the most available card of its kind, and we know that the benefits of travel are in high demand. Our user base also grew in 2020, and we now serve more than five million users worldwide who are eager to travel again in 2021. We are pleased to announce our partnership with Booking.com, the first of many we will be announcing this year.