JP Morgan Chase Ship Busted: Cocaine, Banks and the Failed.
Intrinsic value has been calculated by JP Morgan by treating bitcoin as a commodity and analyzing the marginal cost of production which includes computational power and cost of electricity. Panigirtzoglou added; “The market price has declined by nearly 40% from its peak while the intrinsic value has risen by around 10%, (but) the gap has not yet fully closed, suggesting some downside risk.
JP Morgan Chase, one of the biggest banking institutions in the world had to face rounds of mockery from the bitcoin community this week after it was revealed that traders had committed market fraud. Bloomberg reports surfaced yesterday that the financial giant is facing an inquiry over the behaviour of at least a dozen precious metal traders.
JP Morgan and Goldman Sachs are advising their clients against purchasing Bitcoin, a unique asset whose US dollar-rate has surged 8,000 percent since 2009. Digital Asset Investment Management (DAIM), a California-based digital asset wealth manager, alleged that it risked losing a vital client upon the intervention of the two financial moguls.
The JP Morgan lead, Panigirtzoglou, and colleagues, noted that Bitcoin price peaks coinciding with overbought conditions. They then added that the long base in CME contracts appears to have declined “markedly” from its peak a couple of months ago with some further reduction this week. The Bitmex position proxy suggests a “more marked capitulation” of Bitcoin longs over the past week.
The price of bitcoin has shot up by hundreds of dollars in recent days, following the surprise announcement from JP Morgan that it is launching its own JPM Coin cryptocurrency. Other leading.
JP Morgan Chase will serve clients from the crypto industry for the first time as the largest U.S. bank. JP Morgan has. Umme Haani - May 12, 2020 5:09 pm EDT 0 Read more.
JP Morgan published their so-called “Bitcoin Bible” the same day the New York Fed admitted that “in a dystopian world, Bitcoin Would Dominate Payment Methods.” The report further admits the acceptance of cryptocurrencies in the mainstream market as it noted: “Hedge funds have been moving into this market making up most of the 175 CC funds but AUM remains only a few billion dollars.”.