According to ChainCatcher, JPMorgan analysts are optimistic about the cryptocurrency market in their latest report, despite the market experiencing a significant pullback. The analysts believe that institutional investor inflows and regulatory clarity will support the next round of rises in the digital asset market.
The report indicates that the production cost of Bitcoin has fallen to about $77,000, despite the current trading price being around $66,300, which is below this level, but the bank believes that this dynamic will eventually self-correct.
At the same time, Bitcoin's appeal relative to gold has increased, as gold has recently outperformed Bitcoin, but its volatility has significantly increased. JPMorgan expects that further U.S. crypto legislation (such as the Clarity Act) will provide the necessary clarity for institutional participation, thereby driving market recovery.
