The total market cap of the 14 publicly-listed U.S. bitcoin miners that the bank tracks dropped 22% last month, the report said.
Institutional crypto futures positioning suggests a weakness in demand, the report said.
JPMorgan analysts say a lack of positive catalysts and fading momentum drive lower demand for bitcoin and ether futures.
Mining economics came under pressure as the network hashrate rose while the bitcoin price fell, the report said.
Tether has refuted claims made by JPMorgan analysts regarding its Bitcoin reserves and ability to comply with upcoming US stablecoin regulations. In a Feb. 13 statement to CryptoSlate, the stablecoin issuer confirmed that it is closely monitoring developments around US stablecoin regulations while actively engaging with local regulators. Tether acknowledged ongoing discussions surrounding the proposed […]
The post Tether refutes JPMorgan’s suggestion it will sell Bitcoin to navigate regulation appeared first on CryptoSlate.
Company data suggests that Tether's reserves are 66% compliant under the STABLE Act and 83% under the GENIUS Act, the report said.
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Robinhoood shares jumped 13% in early trading Thursday after fourth-quarter earnings beat estimates.
Tether CEO Paolo Ardoino told The Block that JPMorgan analysts "don't understand either Bitcoin nor Tether."
JPMorgan analysts estimate that only 66%–83% of Tether's reserves comply with proposed U.S. stablecoin regulations, potentially requiring asset restructuring.
Total crypto market cap increased 8% to about $3.4 trillion last month, the report said.
The blockchain's native token ether has underperformed bitcoin and other altcoins in recent months, the report noted.
Analysts attribute ether's underperformance to growing competition from Solana and Layer 2s, and its lack of bitcoin's store-of-value appeal.
Mining difficulty fell 2% from the previous month, which is relatively uncommon, the report said.
The correlation tends to peak during periods of strong tech market performance or sell-offs, JPMorgan analysts said.
Digital asset projects are increasingly turning to community-driven platforms to raise money, the report said.
Crypto VC funding is expected to rise in 2025 but likely won't reach the highs of 2021-2022, according to JPMorgan analysts.
The combined hashrate of miners tracked by the bank has doubled in the last year to roughly 30% of the global network, the report said.
Some tokenholders are expressing doubts about the proposal’s profitability for the DeFi lending protocol.
Bitcoin's dominance over ether and altcoins is expected to persist through 2025, according to JPMorgan analysts.
XRP’s price surged amid broader uncertainty in the crypto market, driven by aggressive whale accumulation and speculation about a possible ETF listing in the US, according to crypto analysts.
Under the new regulations only compliant stablecoins can be used as trading pairs in regulated markets, the report said.
The network hashrate rose 54% in 2024, slower than 2023's 103% gain, the report said.
The worst regulatory environment for crypto markets is behind us, the report said.
The hashprice, a measure of daily mining profitability, rose 5% from the end of November, the report said.
This week’s Crypto Biz also explores Microsoft’s board’s stance on Bitcoin, JPMorgan’s revision of mining stocks, MARA’s new BTC purchase and upcoming listings of crypto firms.
The strategic shift to a bitcoin accumulation model is due to pressure on profitability following the reward halving, the report said.
The bank updated estimates for a number of mining stocks in its coverage following third quarter results and recent gains in bitcoin and the hashrate.
Total crypto market cap jumped 45% in November, in the best monthly return to-date, the report said.
Leveraged MicroStrategy ETFs attracted $3.4 billion of inflows in November, the report said.