Investment bank JP Morgan analysts have warned that it may be difficult for Bitcoin to return to levels of $ 40,000, due to slowing flows to the world's largest cryptocurrency ETF.
The investment bank said that the Grayscale Bitcoin Trust fell 22% over the past two weeks, and indicated that the fund needs to remain at a trading level of $ 100 million per day to maintain investor appetite.
The bank's analysts had indicated that the level of $ 40,000 represents an important price point for Bitcoin, so that the digital currency maintains the momentum of the gains supported by investor appetite during the recent period.
Bitcoin has fallen to $ 32,000 in today's trading, which is $ 10,000 less than its highest levels recorded in January.
"Sharp swings in sentiment pose a risk to cryptocurrencies," UBS analysts wrote in a note to investors this week. "We reiterate our call for extreme caution about speculating in cryptocurrencies."
But some investors are indulging in this sector, after a sudden spike last year that led to a 300% rise in Bitcoin currencies, as BlackRock, the world's largest asset manager, opens the door to keeping Bitcoin-related derivatives in two of its funds, the BlackRock Income Fund. Opportunities and BlackRock Global Allocation Fund