Bitcoin was trading less than 2% lower on Friday morning.
The price was around $ 37,477 per piece, while rivals Ethereum and Dogecoin were trading down to around $ 2,475 and 32 cents per coin, respectively, according to Coindesk.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
The recent gathering of bitcoins prices are unlikely to last, according to JP Morgan.
Bitcoin’s price has risen 15% from its low at $ 33,472 a coin on Tuesday, but analysts at JP Morgan say a change in market structure signals further weakness on the horizon. The cryptocurrency has plunged 41% from its April peak.
BITCOIN’S AWARDS SLIDE IS NOT OVER: JP MORGAN
“The move from Bitcoin futures contracts to an offset is a bearish signal,” wrote JP Morgan analysts led by Nikolaos Panigirtzoglou. They noted that this was the first time the market had fallen since a vicious bear market wiped out 83% of the cryptocurrency’s value.
The backlash occurs when the spot price is higher than the futures price, which means investors are willing to pay a premium for holding bitcoin now.
As for your retirement funds, some workers will soon be able to add cryptocurrency investments to their 401 (k) plans.
BITCOIN AND OTHER CRYPTOS MAY BE ARRIVING SOON AT YOUR 401 (K) PLAN
It is part of a new one-of-a-kind partnership between exchange operator Coinbase and investment platform ForUsAll.
New retirement The account dubbed Alt 401 (k) allows investors to use up to 5% of their contributions to buy, hold and sell over 50 cryptocurrencies.
To help employees use cryptocurrencies appropriately, ForUsAll provides personalized help and automatically alerts participants when their allocations exceed 5% of their portfolio.
El Salvador worried
The International Monetary Fund is concerned about El Salvador’s decision to make bitcoin parallel legal tender.
The concerns are both economic and legal – and further cloud the prospects of an IMF-backed program and widening spreads on the country’s bonds, according to Reuters.
El Salvador became the first country in the world to adopt bitcoin as legal tender.
Foreign investors, worried about the future of a deal with the IMF that they see as essential for the Central American country, have demanded increasingly higher premiums to hold Salvadoran debt, according to Reuters.
Salvadoran law means that bitcoin will be on a par with the dollar, which became its official currency 20 years ago.
CLICK HERE TO LEARN MORE ABOUT FOX BUSINESS
Salvadoran bonds were trading lower across the curve on Thursday, with 2027 and 2052 issues down 1 cent each on the day.