Rally

Bitcoin

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Banking giant JPMorgan does not expect the price of Bitcoin to experience a substantial rally.&nbsp;
Any potential upside will be <a href="https://www.coindesk.com/markets/2024/05/16/bitcoin-mining-cost-estimate-drops-to-45k-as-inefficient-miners-exit-jpmorgan/?utm_term=organic&amp;utm_source=twitter&amp;utm_content=editorial&amp;utm_medium=social&amp;utm_campaign=coindesk_main" rel="noopener noreferrer nofollow">"limited"</a> due to waning demand for spot Bitcoin ETFs.&nbsp;
Moreover, JPMorgan cited the failure of Hong Kong's cryptocurrency ETF to support its rather cautious stance.&nbsp;&nbsp;
According to Bloomberg, the extremely&nbsp;<a href="https://www.bloomberg.com/news/articles/2024-05-16/hong-kong-s-shaky-crypto-etf-debuts-dent-global-hub-aspirations?embedded-checkout=true" rel="noopener noreferrer nofollow">underwhelming</a> performance of crypto ETFs has put a dent in Hong Kong's crypto hub ambitions.&nbsp;
The products, which debuted just two weeks ago, are already suffering from outflows. For comparison, US-based spot Bitcoin ETFs saw enormous demand following their launch, with BlacRock's IBIT breaking multiple records.&nbsp;&nbsp;
<h2 id="the-estimated-mining-cost">The estimated mining cost&nbsp;</h2>
The largest US bank has also estimated that the cost of mining one coin currently stands at $45,000 following the most recent halving event.&nbsp;
JPMorgan has noted that a post-halving drop in the hashrate has been delayed by the rather short-lived success of the Runes protocol that pushed Bitcoin fees significantly higher.&nbsp;
The top cryptocurrency is currently trading at $66,412 on the Bitstamp exchange.&nbsp;&nbsp;

JPMorgan Names Key Reasons Why Bitcoin Price Won't Rally Hard

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