Bitcoin Surpasses $57,000... Altcoins Remain Weak

30% Increase This Month
Wall Street Veteran "Bitcoin Has No Value but Allowed Because Clients Want It"

[Image source=Reuters Yonhap News]

[Asia Economy New York=Correspondent Baek Jong-min] The price of the cryptocurrency Bitcoin has surpassed $57,000. Although Bitcoin has surged by 30% this month, Jamie Dimon, CEO of JP Morgan Chase, stated that Bitcoin has no intrinsic value but acknowledged that the bank allows Bitcoin purchases to meet customer demand.

According to CoinMarketCap, on the 11th (local time), Bitcoin was trading at $57,004, up 2.1% compared to 24 hours earlier. This is the first time since May that Bitcoin has broken through the $57,000 mark, increasing the possibility of reaching the previous high of the $60,000 range.

Bitcoin had fallen to $30,000 after hitting $65,000 in May due to regulatory issues.

Unlike Bitcoin, altcoins are weak. Ethereum, ranked second by market capitalization, fell 1.5%, and third-ranked Karnado dropped by 4%. Ripple fell 5%, and Dogecoin plunged 6%.

Bloomberg reported that investors are unsettled by the possibility that U.S. regulators will soon approve Bitcoin futures ETFs.

There are also claims that Bitcoin is gaining attention as an inflation hedge investment amid rising oil prices and concerns about inflation.

Dave Research said, "If the value of the dollar and real interest rates rise, Bitcoin may be more favored as an inflation hedge."

Despite being a Bitcoin critic, CEO Dimon maintained a negative stance amid Bitcoin’s rise but emphasized that major financial firms have no choice but to allow Bitcoin purchases.

In a speech at the International Finance Institute event, CEO Dimon said, "Personally, I think Bitcoin has no value."

He added, "Our adult customers do not agree with my view on Bitcoin. If customers want to buy Bitcoin, we cannot regulate that, and we must provide legitimate access."

JP Morgan has allowed asset management clients to purchase Bitcoin funds since August.

This content was produced with the assistance of AI translation services.