JPMorgan: Cryptocurrency market's recent rebound may be temporary

Odaily Odaily BlockBeats News, JPMorgan Chase (JPM) said in a research report that any rebound in the cryptocurrency market in the short term may be tactical rather than the beginning of a new long-term bullish uptrend. JPMorgan said this is because the price of BTC is currently too high relative to its mining cost of $43,000, and is also too high relative to its volatility-adjusted gold price of $53,000. When the report was released, Bitcoin was trading at around $67,220. JPMorgan noted that the momentum of Bitcoin futures has been weak in recent weeks due to BTC liquidations by Gemini creditors, Mt.Gox creditors and the German government. (CoinDesk)