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Bitcoin Jumps to New High of $51,700

Written by:
Aaron Goldstein
Published on:
Feb/17/2021

Bitcoin (BTC) hit another record high mark Wednesday morning.  The price hit a new high above $51,700 after braking the $50,000 mark on Tuesday.

JPMorgan issued a waning, however, stating that the rally looks unsustainable unless bitcoin's volatility falls.

"In our opinion, unless bitcoin volatility subsides quickly from here, its current price… looks unsustainable," the analysts said.

JPMorgan also said that its analysis had showed the rapid rise in bitcoin over the last 5 months "has taken place with relatively little institutional flows."

"Some pickup in real money flows would likely be needed to sustain current prices in the absence of a re-acceleration of the retail flow," the note said.

BTC's market capitalization has skyrocketed to close to $1 trillion.

Bitcoin represents better than 80% of all transactions for online gambling sites operating in restrictive markets.

- Aaron Goldstein, Gambling911.com

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