Bitcoin

April

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US banking JPMorgan has&nbsp;<a href="https://twitter.com/DeItaone/status/1786012891730026514" rel="noopener noreferrer nofollow">maintained</a> a cautious stance on cryptocurrencies, according to its latest report that was published on Apr. 23.&nbsp;
According to JPMorgan, the cryptocurrency market is currently suffering from the lack of bullish catalysts after ETF inflows dried up.&nbsp;
At the same time, the bank's analysts cited elevated positioning, underwhelming venture capital (VC) funding, and the current production costs as the main bearish catalysts contributing to the ongoing selling pressure.&nbsp;
Last month, JPMorgan predicted that the Bitcoin halving was priced in, pouring cold water on some bullish predictions.&nbsp;
Back in February, it said that the price of the largest cryptocurrency could crash to as low as $42,000 after the halving event. The bank also predicted that the production cost of a single coin could roughly double. Around that time, Bitcoin bull Mike Novogratz also warned that the Bitcoin market was getting frothy.&nbsp;
The price of Bitcoin surged to its current all-time high of $73,737 in March and went on to log eight consecutive green monthly candles. However, it experienced a dramatic correction in April and then kept plunging in May due to disastrous ETF outflows and macroeconomic concerns. The flagship cryptocurrency is currently trading at $59,110.
Meanwhile, JPMorgan CEO Jamie Dimon recently doubled down on his long-standing criticism of Bitcoin, calling the largest cryptocurrency "a fraud" and a "Ponzi scheme." He also predicted that the flagship cryptocurrency would not go anywhere as a currency. At the same time, he still sees some value in blockchain technology.&nbsp;

JPMorgan Issues Bitcoin Warning

U_Today

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