The company missed consensus revenue expectations, analysts said.
These tokens are at a regulatory disadvantage to stablecoins due to their classification as securities, the report said.
The network hashrate has risen 4% so far this month, while the hashprice is up less than 1%, the report said.
Total crypto market cap was $2.02 trillion at the end of August, a 24% decline from this year's peak of $2.67 trillion in March, the report said.
Spot ether exchange-traded funds have seen net outflows of $0.5B since their launch, the report said.
The total market cap of the fourteen publicly listed mining stocks the bank tracks fell 18% since the end of last month, the report said.
Retail investors seems to have played large role in recent crypto selloff that saw sharpest correction since FTX, the bank said.
Riot will have the second-largest capacity among U.S. listed bitcoin miners following the acquisition, and the deal serves as the latest evaluation of underdeveloped power assets, the report said.
The bitcoin price is currently too high versus its production cost and relative to its volatility-adjusted comparison to gold, the report said.
Former US President Donald Trump has revealed that JPMorgan CEO Jamie Dimon, a well-known skeptic of Bitcoin and cryptocurrencies, has apparently “changed his tune,” with the potential to win the role of Treasury Secretary in the scenario where the former president once again wins the seat in the Oval Office. Trump’s comments come as Treasury […]
The aggregate market cap of the fourteen bitcoin miners listed in the U.S. that the bank tracks rose 29% since the end of June, the report said.
American multinational finance company, JP Morgan has maintained a bullish stance on the Bitcoin price outlook despite recent bearish trends. The bank has announced the timeline for the conclusion of the ongoing BTC liquidations, predicting a subsequent rebound in the market. JP Morgan Predicts Bitcoin Market Rebound In August In a research report on Wednesday, JP Morgan suggested that BTC liquidations should abate this July, foreseeing the start of a strong bull market as bearish trends caused by sell-offs subside. While the bank believes that a market recovery is imminent, it is also skeptical about the sustainability of high Bitcoin inflows in its year-to-date flow into crypto assets. Related Reading: Dogecoin Sees 868% Spike In Whale Buys, Bulls Ready For Breakout Rally For one, JP Morgan has revised and grossly reduced its former year-to-date crypto net flow from $12 billion to $8 billion. So far this year, Spot Bitcoin ETFs have been the major driver for substantial inflows into the crypto market. JP Morgan’s skepticism also stems from Bitcoin’s high price relative to its production cost and the price of gold. A crypto analyst from the bank, Nikolaos Panigirtzoglou has suggested that the bank’s reduction in the estimated year-to-date net flow was also due to the recent decline in Bitcoin reserves across exchanges. The decline in Bitcoin reserves over the past month is believed to be a result of the ongoing selling pressures and widespread BTC liquidations executed by Mt Gox creditors and the German government. As mentioned earlier, JP Morgan has predicted that this BTC sell-off will officially end in July, giving rise to a substantial bullish rally for Bitcoin in August. Following the bank’s predictions, many crypto analysts and community members have suggested that the recent upsurge in Bitcoin’s price is the continuation of a strong bull market. A crypto analyst identified as ‘CryptoYoddha’ on X (formerly Twitter) has revealed that the German government was preparing to sell their remaining BTC just before the bull run. Despite the aggressive selling by the German government and the subsequent market turmoil, the analyst noted that Bitcoin still appears bullish. About The Ongoing BTC Liquidations Earlier in June, Mt Gox announced that it would be making repayments to creditors in July. While the defunct Bitcoin exchange’s decision to start its repayment process comes as good news to creditors, there is also an underlying unease concerning potential Bitcoin sell-offs. Related Reading: Ethereum Bulls Gear Up For Recovery – Can Spot ETFs Push Price To New Highs? With creditors steadily receiving part of Mt Gox’s 142,000 BTC payment worth about $9 billion, the market fears are somewhat justified as a widespread Bitcoin dump would have a major impact on the price of the cryptocurrency. In addition to Mt Gox’s substantial Bitcoin redistribution plans, the German government has also been seen selling almost 100% of its Bitcoin holdings seized from criminals. These substantial crypto liquidations have put a major damper on the price of Bitcoin, triggering serious price declines that have significantly delayed the highly anticipated Bitcoin bull run. A crypto analyst identified as ‘Rekt Capital’ has indicated that the Bitcoin bull market based on standard halving cycles has already advanced by 40.1%. Featured image created with Dall.E, chart from Tradingview.com
Galaxy is one of several investors who have accused Richard Kim of misappropriating at least $3.67 million of company funds belonging to Zero Edge, his crypto casino.
If most of the liquidations by Mt. Gox creditors occur next month, crypto markets are expected to sell off in July then rebound in August, the report said.
Mining stocks outperformed bitcoin in the first half of the month as investors reacted positively to news of Core Scientific’s AI deal with CoreWeave, the report said.
JPMorgan predicts that the newly approved spot Ethereum exchange-traded funds (ETFs) will likely begin trading before the November US presidential elections, citing crypto’s increasing political significance. This outlook follows the US Securities and Exchange Commission’s (SEC) unexpected approval of eight spot Ethereum ETFs on May 23, marking a notable shift from the previous skepticism surrounding […]
The post JPMorgan sees spot Ethereum ETFs trading before 2024 elections amid political gains appeared first on CryptoSlate.
JPMorgan stands by a bearish Bitcoin forecast post-halving, with a target of $42,000 due to high production costs and market overvaluation.
The post JPMorgan doubles down on $42,000 Bitcoin price forecast post-halving appeared first on Crypto Briefing.
Dimon believes investors are being overly optimistic with respect to the chances for an economic soft landing.
Recently, renowned trader Peter Brandt voiced criticism directed squarely at Ethereum (ETH), the second-largest crypto by market capitalization, denouncing it as a “junk coin” in a blunt assessment. Ethereum Faces Criticism Celebrated for his insights into financial markets, Peter Brandt spared no punches as he castigated Ethereum, arguing that it lacks the essential characteristics required […]
Dimon has been a consistent critic of the cryptocurrency over the years and his latest comments demonstrate nothing has changed despite the ongoing mainstream adoption of bitcoin in the form of ETFs in the U.S.
The new hire happens as digital asset markets are maturing and have become increasingly intertwined with traditional finance.
Analysts from JPMorgan believe the majority of “profit taking” from Grayscale’s Bitcoin Trust is now likely over, while U.S. Bitcoin funds have just recorded their biggest day of net outflows.
Around $1.3 billion has shifted from GBTC to new spot bitcoin ETFs, equivalent to a monthly outflow of about $3 billion per month, the bank said in a report.
Lawsuits against crypto exchanges offering staking services for proof-of-stake blockchains, including Ethereum, make approval of a spot ether ETF more challenging until these cases are resolved, the investment bank said.
The JPMorgan CEO said this will be the last time he airs his opinion on bitcoin.
JPMorgan begs CNBC to stop talking about "pet rock" BTC despite financial heavyweights seeing billions of dollars in spot Bitcoin ETF inflows.
Jamie Dimon's bank agreed to play a key role with BlackRock's proposed bitcoin ETF, just weeks after he told U.S. senators: "I've always been deeply opposed to crypto, bitcoin, etc."