JPMorgan has said that bitcoin should be 28 percent above its current value. This means that the bank wants to see bitcoin at $38,000 (approximately Rs 29.49 lakh) which is a reasonable price level. As for this week bitcoin price There has been a significant decline in The world’s largest cryptocurrency is still showing in red on the crypto price tracker today. The global price of bitcoin is trading at $29,000 (approximately Rs 22.5 lakh) while on Indian exchange Coinswitch Kuber it is trading at $30,736 (approximately Rs 24 lakh) which is a decline of 1.24 per cent in the last 24 hours. According to data from CoinGecko, bitcoin is down 5.1 percent in week-to-day performance.
American bank said that in the past cryptocurrency has grown rapidly and has replaced assets such as real estate. The bank has predicted a correction for bitcoin in the coming days. The bank says that the cryptocurrency market will once again move towards the upside and that the price of bitcoin can see a lot of improvement in the coming days. Cryptocurrencies started coming down as early as 2022 amid the war between Russia and Ukraine. Still this downward trend continues. The reason for this is also being attributed to inflation and increase in interest rates. In addition, the slowdown in China has also led investors to shy away from riskier assets such as cryptocurrencies.
cryptocurrency Talking about its performance, the price of bitcoin has fallen by 37% so far this year. The overall value of the cryptocurrency market has also registered a significant decline. Where it was $ 232 trillion in November last year, it has come down to $ 108 trillion in May 2022.
JPMorgan has said that the selloff has done more damage to cryptocurrencies than other investment assets such as private equity, private debt and real estate. But, there is still a lot of hope for a correction for cryptocurrencies. In a big statement, the bank said that instead of real estate, we give priority to digital assets as an alternative asset.
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