Any Near-Term Rebound in Crypto Market Likely to Be Temporary: JPMorgan
AI summary of the linked articleJPMorgan says any near-term rebound in cryptocurrency markets is likely to be tactical rather than the start of a new long-term bullish uptrend. The bank states that bitcoin remains too high relative to its production cost of $43,000 and its volatility-adjusted comparison to gold at $53,000, with bitcoin trading around $67,220 at publication time. JPMorgan notes that bitcoin futures momentum has been weak due to liquidations by Gemini creditors, Mt. Gox creditors and the German government, and expects liquidations to subside this month. Analysts led by Nikolaos Panigirtzoglou say bitcoin and gold may both benefit from a higher likelihood of a Trump election win. |
1 comment  naomiii.ethSubmitter A little pessimism from the TradFi crowd for us, but well maybe they are just trying to short, and make money with it. I do not think Trump would go as far as announcing BTC as a reserve asset as speculated toward the end. And even if I'd not expect him to follow through ^^ |