JP Morgan Revises Bitcoin Target To $130,000, Citing Decreased Volatility
The financial giant is gradually becoming more bullish on Bitcoin and institutional adoption.JPMorgan, in an email note released to clients on Thursday, cited decreasing Bitcoin volatility as a positive for institutional interest in the asset. In an article covering the release by Bloomberg, strategists including Nikolaos Panigirtzoglou at JPMorgan wrote: “These tentative signs of Bitcoin volatility normalization are encouraging… In our opinion, a potential normalization of Bitcoin volatility from here would likely help to reinvigorate the institutional interest going forward.”On the basis....
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JP Morgan says that bitcoin’s volatility has decreased in recent weeks, making the cryptocurrency more appealing to institutional investors. The investment bank has also revised its bitcoin price target to $130,000. Increased Institutional Adoption, New Price Prediction for Bitcoin JPMorgan said last week that bitcoin’s price volatility has been declining in recent weeks, noting that this has made the cryptocurrency more appealing to institutional investors seeking low-correlation assets to diversify their investment portfolios. Bitcoin’s high volatility has been one of....
The Cambridge Centre for Alternative Finance (CCAF) has revised its Bitcoin electricity consumption estimates, addressing longstanding concerns about the accuracy of its Cambridge Bitcoin Electricity Consumption Index (CBECI). The new study, titled “Bitcoin electricity consumption: an improved assessment,” dated August 31, 2023, has ignited discussions among crypto enthusiasts and environmentalists alike. Cambridge Revises Down False […]
Cryptocurrency trading volumes decreased significantly in June according to data from Cryptocompare, a price and volume tracking organization. Volumes traded diminished by at least 40% month-on-month, with spot and derivatives trading both suffering due to the mining and trading crackdown in China, amongst other factors. The resulting volatility seems to have made many traders lose interest. Trade Volumes Kept Falling in June Cryptocurrency trading volumes experienced a sharp decline in June, according to data from Cryptocompare. The data collected by the price and volume tracking....
Since its birth in 2008, financial experts and institutional investors have criticized the viability of Bitcoin as an independent currency, due to its highly unstable volatility rate. According to data provided by the Bitcoin Volatility Index, however, the volatility of bitcoin price against major currencies such as US Dollars have declined significantly since 2010. More importantly, the rate of volatility has decreased at a consistent pace, dropping at an average rate of 25% per year. At the beginning of 2011, the standard deviation of daily returns (volatility rate) recorded around 8.5%.....
Another domino falls in crypto’s institutional takeover According to a report from Bloomberg news this morning, Morgan Stanley is the latest major financial institution to consider an investment in Bitcoin. Citing “people with knowledge of the matter,” the report says that Cointerpoint Global, a subsidiary of Morgan Stanley Investment Management with $150 billion in assets under management, “is exploring whether the cryptocurrency would be a suitable option for its investors.”Morgan Stanley’s website describes Counterpoint Global as a fund specializing in investments “whose market value....