​ BTC price hits $56K as bulls return and talk focuses on Bitc | Best Crypto Traders Official

​ BTC price hits $56K as bulls return and talk focuses on Bitcoin ETF approval
A day of consolidation ends in fresh bullishness for Bitcoin price action, which continues to close in on final resistance below all-time highs.
Bitcoin (BTC) returned to beat the week’s four-month highs on Oct. 8, climbing $2,000 in two hours.
Institutions buying Bitcoin rather than gold as inflation cranks up: JPMorgan
According to JPMorgan, this week’s rally has been driven by institutional investors hedging against inflation with Bitcoin.
Bitcoin (BTC) has led a 35% rally this week by soaring far above the $50,000 resistance level and restoring a $1-trillion market capitalization to the asset.
According to a note shared by JPMorgan with clients on Thursday, the recent increase in price for BTC was predominantly attributed to institutional investors looking for a hedge to inflation.
“The re-emergence of inflation concerns among investors has renewed interest in the usage of Bitcoin as an inflation hedge,” the analysts said, arguing there has been a shift in perception as to the merits of BTC in relation to gold.
“Institutional investors appear to be returning to Bitcoin perhaps seeing it as a better inflation hedge than gold.”