The report noted that the news of SpaceX, led by Elon Musk, writing off a portion of its Bitcoin holdings in the previous quarter, played an added role in fueling the correction within the cryptocurrency markets in August.
The report highlights that despite their presence in Canada and Europe for a considerable period, these ETFs have encountered limited traction among investors.
The report highlights the crucial influence of electricity costs on the bear market witnessed in the past year, presenting a formidable hurdle for miners striving to remain operational.
JPMorgan Sees 'Significant Upside' to Bitcoin — Replaces Real Estate With Crypto as 'Preferred Alternative Asset' – Markets and Prices Bitcoin News JPMorgan sees "significant upside" to the price of bitcoin. The global investment bank's price target for the cryptocurrency is 28% above its current price. Interviews Press Releases About Advertise
The bank lowered its long-term theoretical bitcoin price target of $150,000 to $38,000, which is based on the relative volatility and market size between gold and bitcoin. "Our previous projection that the bitcoin to gold volatility ratio will fall to around 2x later this year seems unrealistic.
This implies that the above $146k theoretical bitcoin price target should be considered as a long-term target, and thus an unsustainable price target for this year.” Many institutional investors are using investment vehicles like Grayscale’s Bitcoin Trust as a means of buying into bitcoin.
The bank’s strategists, including Nikolaos Panigirtzoglou, wrote that their price target for bitcoin remains at $38,000, “implying significant upside for digital assets from here.” At the time of writing, bitcoin is trading at $29,784, down 2.4% over the past seven days and almost 25% over the last 30 days.
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