{"id":382845,"date":"2019-05-18T21:00:04","date_gmt":"2019-05-18T21:00:04","guid":{"rendered":"https:\/\/wncen.com\/?p=382845"},"modified":"2024-06-11T13:40:04","modified_gmt":"2024-06-11T13:40:04","slug":"bitcoin-rally-8000-smells-2017-jp-morgan-analysis","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-rally-8000-smells-2017-jp-morgan-analysis\/","title":{"rendered":"Bitcoin Rally To $8,000 Smells Like Late-2017: JP Morgan Analysis"},"content":{"rendered":"<p>Save for Friday&#8217;s sudden selloff, <a href=\"https:\/\/wncen.com\/2019\/05\/18\/bitcoin-btc-price-fresh-increase-likely\/\">Bitcoin (BTC)<\/a> has been on an absolute tear over the past few weeks. Since early-April, the asset has moved from $4,200 to a recent peak of $8,350 \u2014 effectively a gain of 100% \u2014 and is seemingly preparing itself for another leg higher.<\/p>\n<p>While many believe that this move comes off the back of booming on-chain statistics and strong fundamental developments, one Wall Street firm argues that this isn&#8217;t the case.<\/p>\n<h6 style=\"text-align: center\">Related Reading: <a href=\"https:\/\/wncen.com\/2019\/05\/11\/binance-and-coinbase-traffic-spikes-as-bitcoin-price-surges-81-ytd\/\">Binance and Coinbase Traffic Spikes as Bitcoin Price Surges 81% YTD<\/a><\/h6>\n<h2><strong>Bitcoin Diverging From Intrinsic Value<\/strong><\/h2>\n<p>In a recent research note from JP Morgan, obtained by Holger Zschaepitz, a German economist and author, it was explained that Bitcoin is trading above its &#8220;intrinsic value&#8221;. The note (seen below) suggests that the cryptocurrency&#8217;s &#8220;intrinsic value&#8221; is the estimated cost of production per unit or mining costs. In fact, JP Morgan&#8217;s estimates show that BTC is currently (as of May ~15th) trading above its breakeven mining cost by two times.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> prices diverge from intrinsic value, carrying echoes of late 2017, JPM says. <a href=\"https:\/\/t.co\/DImDoSMv8L\" rel=\"nofollow\">pic.twitter.com\/DImDoSMv8L<\/a><\/p>\n<p>&mdash; Holger Zschaepitz (@Schuldensuehner) <a href=\"https:\/\/twitter.com\/Schuldensuehner\/status\/47630336?ref_src=twsrc%5Etfw\" rel=\"nofollow\">May 17, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Zschaepitz adds that JP Morgan notes that this current rally &#8220;carries echoes of late-2017&#8221;, which was when BTC spectacularly rallied and decoupled from any fundamentals on the back of hype.<\/p>\n<h6 style=\"text-align: center\">Related Reading: <a href=\"https:\/\/wncen.com\/2019\/02\/15\/xrp-holds-strong-after-jp-morgan-slaps-ripple-bank-centric-crypto\/\">XRP Holds Strong After JP Morgan \u2018Slaps\u2019 Ripple With Bank-Centric Crypto<\/a><\/h6>\n<p>Indeed, Fundstrat&#8217;s Tom Lee claims that Bitcoin historically trades at around two times its intrinsic value, especially in bull markets.<\/p>\n<p>It is important to note that JP Morgan has been historically bearish on Bitcoin. As NewsBTC <a href=\"https:\/\/wncen.com\/2019\/01\/26\/jp-morgan-crypto-value-unproven-bitcoin-btc-could-fall-as-low-as-1260-in-near-future\/\">reported previously<\/a>, analysts from the American bank suggested that Bitcoin may only be a good hedge in a \u201cdystopian scenario\u201d, not a digital gold as some expect. They go on to state that BTC could plunge to $1,260 eventually. And, of course, JP Morgan&#8217;s impassioned chief executive, Jamie Dimon, has been enamored with <a href=\"https:\/\/wncen.com\/2017\/09\/13\/jpmc-jamie-dimon-bitcoin-fraud\/\">calling BTC a &#8220;fraud&#8221;<\/a> and a similar ilk of insults.<\/p>\n<h2><strong>Yet Fundamentals Are Better<\/strong><\/h2>\n<p>Is JP Morgan right in its assumption that Bitcoin is trading too far above its intrinsic value?<\/p>\n<p>Well, maybe not. As Dan Held, the co-founder of Interchange, recently pointed out, the ecosystem&#8217;s fundamentals and infrastructure are much stronger now than in 2017 or 2018, sans mining costs.<\/p>\n<p>Case in point, the industry has some of the biggest names in finance and technology delving in.\u00a0Square, through its\u00a0Cash App\u00a0and chief executive Jack Dorsey; Fidelity Investments; E*Trade,\u00a0Bakkt, and ErisX are among the developments in the space that make this rally entirely different than anything before it. Thus, some deem it logical that warnings of a large market correction can be deemed moot.<\/p>\n<pre>Featured Image from Shutterstock<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Save for Friday&#8217;s sudden selloff, Bitcoin (BTC) has been on an absolute tear over the past few weeks. Since early-April, the asset has moved from $4,200 to a recent peak of $8,350 \u2014 effectively a gain of 100% \u2014 and is seemingly preparing itself for another leg higher. While many believe that this move comes off the back of booming on-chain statistics and strong fundamental developments, one Wall Street firm argues that this isn&#8217;t the case. Related Reading: Binance and Coinbase Traffic Spikes as Bitcoin Price Surges 81% YTD Bitcoin Diverging From Intrinsic Value In a recent research note from JP Morgan, obtained by Holger Zschaepitz, a German economist and author, it was explained that Bitcoin is trading above its &#8220;intrinsic value&#8221;. The note (seen below) suggests that the cryptocurrency&#8217;s &#8220;intrinsic value&#8221; is the estimated cost of production per unit or mining costs. In fact, JP Morgan&#8217;s estimates show that BTC is currently (as of May ~15th) trading above its breakeven mining cost by two times. #Bitcoin prices diverge from intrinsic value, carrying echoes of late 2017, JPM says. pic.twitter.com\/DImDoSMv8L &mdash; Holger Zschaepitz (@Schuldensuehner) May 17, 2019 Zschaepitz adds that JP Morgan notes that this current rally &#8220;carries echoes of late-2017&#8221;, which was when BTC spectacularly rallied and decoupled from any fundamentals on the back of hype. Related Reading: XRP Holds Strong After JP Morgan \u2018Slaps\u2019 Ripple With Bank-Centric Crypto Indeed, Fundstrat&#8217;s Tom Lee claims that Bitcoin historically trades at around two times its intrinsic value, especially in bull markets. It is important to note that JP Morgan has been historically bearish on Bitcoin. As NewsBTC reported previously, analysts from the American bank suggested that Bitcoin may only be a good hedge in a \u201cdystopian scenario\u201d, not a digital gold as some expect. They go on to state that BTC could plunge to $1,260 eventually. And, of course, JP Morgan&#8217;s impassioned chief executive, Jamie Dimon, has been enamored with calling BTC a &#8220;fraud&#8221; and a similar ilk of insults. Yet Fundamentals Are Better Is JP Morgan right in its assumption that Bitcoin is trading too far above its intrinsic value? Well, maybe not. As Dan Held, the co-founder of Interchange, recently pointed out, the ecosystem&#8217;s fundamentals and infrastructure are much stronger now than in 2017 or 2018, sans mining costs. Case in point, the industry has some of the biggest names in finance and technology delving in.\u00a0Square, through its\u00a0Cash App\u00a0and chief executive Jack Dorsey; Fidelity Investments; E*Trade,\u00a0Bakkt, and ErisX are among the developments in the space that make this rally entirely different than anything before it. Thus, some deem it logical that warnings of a large market correction can be deemed moot. Featured Image from Shutterstock<\/p>\n","protected":false},"author":497,"featured_media":382290,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,6664,2887],"class_list":["post-382845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-crypto","tag-market"],"acf":[],"yoast_head":"\n<title>Bitcoin Rally To $8,000 Smells Like Late-2017: JP Morgan Analysis<\/title>\n<meta name=\"description\" content=\"Save for Friday&#039;s sudden selloff, Bitcoin (BTC) has been on an absolute tear over the past few weeks. 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