Bitcoin is the overvalued commodity by JPMorgan
Crypto Business World
CBW -External Analyst
Oct, 19 2020
There are so many experts of JPMorgan who have been analyzing ICO bitcoin. It has been estimated that the current price of bitcoin has been selling pressure ahead. According to the experts of we are selling this as a commodity and compare it with other ones then it is indeed an overvalued one.
Adding to this, the strategists further have added that they had done the calculation on the instinct value for which they treated the bitcoin just like any other commodity. They also considered the marginal cost of production. For this calculation the also with other entities that included Quintillion Media and Bloomberg
Bitcoin has also faced the modest headwind in the short span of time. For this analysis on the future market bets were created. The estimation of the instinct value of cryptocurrency was also found. The future prices of the bitcoin often were traded a little either more or less of the current market rate which is going on for the asset. It is also called as the spot price. besides the prices of future also get closer to the spot prices as the contacts near their expiry dates. The future prices above the area shows the bullishness while the prices that are below the area show the expectations that are bearish.
The specialists of JPMorgan further reported that the bullish position of the bitcoin has outnumbered the position of it which was bearish earlier. Further they have also added the hikes in the buying pressure which eventually had resulted due to the financial giants mainstream that entered the bitcoin and affected rating of crypto.
Over some time now, bitcoin has been a mainstream commodity in which investors often compare it with assets like digital gold.
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