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JP Morgan: The short-term rebound in the cryptocurrency market may only be temporary
JPMorgan Chase (JPM) said in a research note last week that any short-term rally in the cryptocurrency market is likely to be tactical rather than the start of a new long-term bullish trend. The bank said this is because the price of Bitcoin (BTC) is currently too high relative to its $43,000 production cost, and also too high relative to its volatility-adjusted price of gold ($53,000). As of press time, Bitcoin is trading at around $67,220. JP Morgan pointed out that due to Gemini's debt...
2024-07-22 09:54:26
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