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.

How is the world stock market this morning? Oil, gold and Bitcoin stable

Traders expect data on US gross domestic product for the third quarter, which will be released on Thursday

Asian stock markets are on the rise at the beginning of the trading week, which is expected to publish quarterly reports on the operations of a large number of companies, although news from China about the introduction of property taxes in some regions had a negative impact on shares in Hong Kong and Chinese capital markets.

MSCI’s broadest Asia-Pacific stock index, excluding Japan’s, rose 0.26 percent, while Japan’s Nikkei fell 1.0 percent due to weakening profits of several domestic companies, Reuters reports.

Australian stocks rose 0.47 percent, supported by the value of mining firms, while South Korean stocks rose half a percent, with their rise limited by more subdued investment activity in Greater China.

The Chinese index of the most liquid stocks stagnated, while the sub-index of shares in the real estate sector fell by 3.0 percent.

The Hong Kong Stock Exchange Reference Index strengthened 0.18 percent, despite a 2.6 percent drop in shares of land-based real estate companies listed on the market.

The decline in the shares of real estate companies came after Saturday’s announcement from the Chinese parliament that a pilot real estate tax would be introduced in some regions.

As a reminder, the Chinese construction giant Evergrande last week barely escaped collapse by paying coupons on bonds, and according to today’s Reuters reports – some bondholders received the money.

At the same time, that company is not the only one that is on the financial edge. Namely, there are at least 4 more, which suggests that the Chinese real estate market is quite shaken.

On the currency exchanges, the dollar index, according to the latest available data, is 93,521 points, down 0.15 percent on a daily basis, and is moving towards its monthly low of 93,455 points recorded last week.

Traders are waiting for data on the gross domestic product of the USA for the third quarter, which will be published on Thursday.

Markets are still trying to position themselves for the expected reduction of the US stimulus program at the end of this year and a possible increase in interest rates by the end of 2022.

Federal Reserve Chairman Jerome Powell said on Friday that the US central bank should begin the process of cutting support by reducing asset purchases, but that it should not yet touch interest rates.

In commodity markets, oil prices are still on an upward trajectory, continuing the growth registered before the weekend, with American oil reaching a seven-year high because global supply is still insufficient in relation to growing demand around the world.

Brent North Sea crude jumped 0.88 percent to $86.28 a barrel, while U.S. WTI oil soared 1.11 percent to $84.69, the highest level in seven years.

The price of gold for spot delivery strengthened 0.3 percent to $1,797 an ounce. The value of this precious metal has been rising for the past two weeks due to growing concerns about inflation.

Bitcoin, which is also increasingly credited with protection against inflation, is trading at $61,901, up 1.6 percent on a daily basis, after last week’s turbulent trading when it reached a new high of $67,016.