JPMorgan Says Bitcoin Rally Unsustainable Unless Volatility Ebbs

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Bitcoin’s volatility needs to ease to prevent the token’s rally from fizzling, according to JPMorgan Chase & Co.Unless swings recede rapidly, the current price of the largest cryptocurrency “looks unsustainable,” strategists led by Nikolaos Panigirtzoglou wrote in a note Tuesday.Bitcoin has been barreling through records, scaling another peak above $51,000 on Wednesday. Tesla Inc.’s recent $1.5 billion purchase and MicroStrategy Inc.’s plan to expand its holdings of the token by selling $600 million in convertible bonds added to the buzz around cryptocurrencies. On the flip side, some see a mania likely to end in a bust akin to the implosion in 2017.JPMorgan said Bitcoin’s market value has risen by about $700 billion in the past five months despite an aggregate institutional inflow of only around $11 billion. Limited supply of the token and retail demand may be pushing up prices, Panigirtzoglou wrote.“Movements since January this year appear to have been…

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