After the information about inflation in the USA, the fall in prices on the cryptocurrency market

Most cryptocurrencies are declining today.

According to the website Coingecko, the market capitalization decreased by 1.98 percent and amounts to 2.98 trillion dollars.

Bitcoin, which has reached its maximum value several times in the past few days, has fallen below $65,000 today.

It fell by 3.0 percent compared to yesterday, and it is currently traded at a price of 64,918 dollars.

Ethereum has lost 1.2 percent of its value and is currently trading at $4,672.

The fall in prices on the cryptocurrency market followed yesterday when the US Department of Labor announced that inflation, measured by the growth of consumer prices, jumped to 6.2 percent in October compared to the same month in 2020, to the highest level since December 1990.

After a few days of dormancy, the price of Bitcoin jumped again

The cryptocurrency market has seen a strong rise in prices in the last 24 hours.

The market capitalization has climbed 4.3 percent and currently stands at $3.01 trillion.

Bitcoin, the most famous cryptocurrency in the world, has increased its value by 6.6 percent in the last 24 hours and is currently traded at a price of 65,990 dollars.

Ethereum increased its value by 4% in the same period and is currently traded at a price of 4,741 dollars.

The bank predicts a huge jump in the price of Bitcoin

The largest American bank, JPMorgan, predicts that Bitcoin could jump to 146,000 dollars in the long run, if volatility subsides and institutions start to prefer Bitcoin more than gold in their portfolios.

That is approximately 130 percent more than the current price of Bitcoin, Business Insider writes.

JP Morgan also believes that Bitcoin, which is also a rare product, is increasingly gaining gold for investors’ attention as protection against inflation, ie as something that will grow even when inflation destroys the value of other assets.

The re-emergence of inflation concerns among investors during September and October 2021 seems to have renewed interest in using Bitcoin as protection against inflation

said JP Morgan strategist Nikolaos Panigirtzoglou.

Bitcoin has touched new records

Cryptocurrencies marked October, and Bitcoin broke new records.

October was not only marked by new stock market records but was also marked by Bitcoin.

The most popular cryptocurrency entered the month at levels below $44,000, and last night it was worth a good $61,000.

This is an increase of almost 40%, which would have been even higher if the record(on October 20, BTC reached 67 thousand dollars) had not been accompanied by a downward correction.

The crypto market is looking forward to new records, mostly due to the start of the listing of the ETF fund ProShares Bitcoin Strategy(which trades futures on Bitcoin) on the world’s largest stock exchange in New York(NYSE).

The ETF offers investors who do not want to open their cryptocurrency accounts exposure to Bitcoins or terms traded on the Chicago Mercantile Exchange CME.

The second-largest cryptocurrency, Ether, also experienced high(almost 50 percent) growth in October, reaching a record $4,455 on Friday.

On Wednesday, the Ethereum network received an upgrade called Altair, which is another important step for the final launch of the Ethereum 2.0 network, which will(probably next year) be based on the PoS mechanism(Proof-of-Stake) instead of the PoW mechanism (Proof-of-Work), which means that users will confirm transactions according to the number of coins they own.

Currently, transactions are confirmed by miners who are competing(just like in the Bitcoin chain) to be the first to solve complex mathematical cryptographic equations, which, however, provokes considerable criticism due to high energy consumption.

Switching from the PoW model to the PoS model would reduce the environmental footprint by as much as 99 percent!