RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Thursday, falling by 1.40 percent to $29,000 as of 3:23 p.m. Riyadh time.
Ether, the second most traded cryptocurrency, was priced at $1,819 down by 6.44 percent, according to data from CoinDesk.
JPMorgan sees upside
The global investment bank JPMorgan sees significant upside to the price of bitcoin.
The global investment bank’s price target for the cryptocurrency is 28 percent above its current price, Bitcoin.com reported.
“The past month’s crypto market correction looks more like capitulation relative to last January/February and going forward we see upside for bitcoin and crypto markets more generally,” JPMorgan said.
JPMorgan has also replaced real estate with cryptocurrency as the preferred alternative asset class along with hedge funds, according to Bitcoin.com.
“We thus replace real estate with digital assets as our preferred alternative asset class along with hedge funds,” the bank added.
While the investment bank’s price target for bitcoin is $38,000, its strategists have said that their long-term theoretical target price for the cryptocurrency is $150,000.
IMF chief’s plea
Kristalina Georgieva, the managing director of the International Monetary Fund, discussed cryptocurrency at the World Economic Forum’s annual meeting in Davos.
Georgieva urged people not to completely avoid cryptocurrencies following the recent collapse of the terrausd (UST) algorithm and cryptocurrency Terra (LUNA), Bloomberg reported.