Bitcoin, the world's biggest cryptocurrency, has emerged as a rival to gold and could trade as high as $146,000 if it becomes established as a safe-have asset, investment bank JPMorgan said on Tuesday.
On Friday, Bitcoin slid as investors took profits from the volatile trading week. Business Insider reports the cryptocurrency fell as much as 11%, to $34,409.04, at intraday lows. The slide closes out bitcoin's second most volatile week in the last three years. The coin climbed as much as $41,440 before falling as low as $30,324. The week also saw more voices dismiss the cryptocurrency as a dangerous market bubble.
European Central Bank President Christine Lagarde called on Wednesday for global regulation of Bitcoin, saying the digital currency had been used for money laundering activities in some instances and that any loopholes needed to be closed.
As JPMorgan Chase, Citigroup and Wells Fargo kick off earnings season Friday with better-than-expected profits, Mercadien Asset Management president Ken Kamen tells Reuters' Fred Katayama why investors should consider buying bank stocks even after their recent rally.
When the biggest U.S. banks begin reporting fourth quarter results on Friday, some of the headlines could show profits plunged by as much as 40% from a year earlier before the pandemic struck. Fred Katayama reports.