JPMorgan: Crypto market’s short-term rebound may only be temporary

According to CoinDesk, JPMorgan Chase (JPM) said in a research report last week that any rebound in the cryptocurrency market in the short term is likely to be tactical rather than the beginning of a new long-term bullish trend. This is because the price of Bitcoin is currently too high relative to its production cost of $43,000, and is also too high relative to its volatility-adjusted gold price of $53,000. As of press time, Bitcoin is trading at around $67,220. JPMorgan Chase pointed out that the momentum of Bitcoin futures has been weak in recent weeks due to the liquidation of BTC by Gemini's creditors, Mt.Gox's creditors and the German government. It is expected that the liquidation situation will subside this month, and the bank will continue to seek a rebound in the Chicago Mercantile Exchange (CME) Bitcoin futures positions in August.