Cryptocurrency
JPMorgan Strategists See ‘Modest’ Headwind for Bitcoin Price
JPMorgan Strategists See ‘Modest’ Headwind for Bitcoin Price: As reported on Bloomberg, “Bitcoin faces a ‘modest headwind’ in the short term based on an analysis of bets in the futures market and an estimate of the cryptocurrency’s intrinsic value, according to JPMorgan Chase & Co. A positioning indicator derived from futures shows that ‘there still […]
JPMorgan Strategists See ‘Modest’ Headwind for Bitcoin Price:
As reported on Bloomberg, “Bitcoin faces a ‘modest headwind’ in the short term based on an analysis of bets in the futures market and an estimate of the cryptocurrency’s intrinsic value, according to JPMorgan Chase & Co.
A positioning indicator derived from futures shows that ‘there still appears to be an overhang of net long positions,’ strategists including Nikolaos Panigirtzoglou wrote in a note Tuesday. A drop in Bitcoin in September eliminated much ‘froth’ but it remains about 13% higher than an estimate of intrinsic value, they said.
Bitcoin slid over 8% last month but held above the $10,000 level and has since rallied back past $11,000. While cryptocurrencies have had a volatile year, the Bloomberg Galaxy Crypto Index of digital coins has surged more than 80%, turning the sector into one of this year’s best performing asset classes…”