Despite the cryptocurrency’s decline, banking giant JP Morgan says that bitcoin is largely undervalued. Maintaining its estimate of the fair value of bitcoin at $38,000, the bank reiterated today Evaluation This gave the asset back in February when the cryptocurrency was trading around $43,400. The price is up almost 28% from its current level of $29,757.
In a note to customers issued on Wednesday, the bank also said it would trade real estate with hedge funds with digital, or crypto, assets, citing a “potential gap revaluation” in private equity, private loans and Changing as your preferred alternative asset class. real estate. Alternative assets usually refer to investments that are not stocks, bonds, or cash.
The valuation is a sign of confidence for bitcoin, which is currently trading at less than half of its all-time high of $68,721, and a wider range in general. In addition to rising interest rates and the repercussions of the war in Ukraine, the cryptocurrency market is grappling with the $50 billion collapse of algorithmic stablecoin TeraUSD and its sister token LUNA. The total market capitalization of cryptocurrencies currently stands at $1.3 trillion, a dramatic drop from trillion in November.
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“Last month’s crypto market correction resembles the relative capitulation of last January/February and further we see upside for bitcoin and crypto markets more generally,” the report noted.
Strategists also believe that “the trajectory for VC funding will be critical to help the crypto market survive the long winter of 2018/2019”, which followed the initial coin offering boom. Just today, Ethereum scaling startup Starkware raised $100 million at an $8 billion valuation and venture giant Andreessen Horowitz announced the allocation of $1.5 billion to crypto investments as part of its larger $4.5 billion fund .
“So far there is little evidence of VC funding drying up after the collapse of Terra. Of the $25 billion in VC funding year-over-year, about $4 billion came after Terra,” noted the strategists. “Our best guess is that VC funding will continue and a long winter similar to 2018/2019 will be averted.”
Credit: www.forbes.com /