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Although JP Morgan may not trade Bitcoin (BTC) or offer crypto-specific services to its clientele, the company does analyze this nascent market once in a while.
This much was made clear very recently. One individual this week shared a report from JP Morgan, dated May 22nd, that included a post-halving analysis of the Bitcoin mining scene.
Analysts at the multinational financial institution found that through their analysis of Bitcoinâs intrinsic value, BTC is currently trading â25% below what the intrinsic price would be after the halving.â
The intrinsic price JP Morgan found was derived through the average cost of mining one BTC.
While the analysts suggested that no concrete signals can be garnered from the fact that the cryptocurrency is below its intrinsic value, analysts think BTC will eventually catch up.
As it stands according to JP Morgan analysts, Bitcoinâs intrinsic value sits somewhere around $11,500 â over $2,500 higher than the current market price.
While this price may seem miles away, itâs attainable due to fundamental trends.
Blockchain insights firm Santiment shared on May 21st that Bitcoinâs Network Value to Transactions Ratio (NVT) remains âhealthy,â suggesting prices may soon resume higher despite the recent drop:
âIn spite of BTCâs mild -4.4% downswing today, its NVT looks healthy, and our model is showing a semi-bullish signal. The amount of unique tokens being transacted on Bitcoin network is slightly above average for in May, according to where price levels currently sit,â Santiment wrote.
BlockTower Capital, a cryptocurrency and blockchain investment fund, echoed the optimism.
In a note, the firm said that the âmacro caseâ for BTC has ânever been more obvious.â
It attributed its optimism to multiple trends, such as growing distrust in central banks, the worldâs adoption of digital technologies amid the ongoing illness, and growing geopolitical tensions as economies break down.
JP Morganâs latest report about Bitcoin comes as JPMorgan & Chase â the banking division of the firm â has begun to service âcrypto-nativeâ clients for the first time ever.
As reported by the Wall Street Journal ten days ago, the bank has taken on two top Bitcoin exchanges, Coinbase and Gemini Trust, as clients.
âPeople familiar with the matter,â said that the accounts were opened and approved in April, and transactions through the account have just started to be processed.
âThe bank is primarily providing cash-management services to the firms and handling dollar-based transactions for the exchangesâ U.S.-based customers, according to the people.â
According to Mike Novogratz â CEO of Galaxy Digital and a former partner at Goldman Sachs â this news is a massive deal, a âbig dealâ in fact.
The Wall Street investor remarked that the firmâs acceptance of cryptocurrency clients is a sign of ârecognition that the future will include crypto currencies, digital assets, and blockchain based systems.â
In other trending Bitcoin News today:
Bitcoin Risks Falling to $8K as S&P 500 Stares at Its Potential âBig Shortâ
A bearish fractal in the S&P 500 that historically leads the index lower may prove equally fatal to Bitcoin.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
The JPM announcement that they will provide banking services to Coinbase and Gemini is a big deal. Go $BTC. It is recognition that the future will include crypto currencies, digital assets, and blockchain based systems.
â Michael Novogratz (@novogratz) May 12, 2020
Bitcoin Risks Falling to $8K as S&P 500 Stares at Its Potential âBig Shortâ
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