To The Moon

On Thu, 02 May 2024, US banking giant $JPMorgan Chase(JPM)$ has cautioned cryptocurrency investors that Bitcoin is not out of the woods just yet The bank has maintained a cautious stance on cryptocurrencies, according to its latest report that was published on 23 Apr 2024. According to JPMorgan, the cryptocurrency market is currently suffering from a lack of bullish catalysts after Spot Bitcoin ETF inflows dried up. At the same time, the bank's analysts cited the following reasons as main bearish catalysts contributing to the ongoing selling pressure: (see below) Elevated positioning. Underwhelming venture capital (VC) funding. Current production costs - JPM predicted production cost of a single coin could roughly double. Just last month, JPMorgan also predicted that the Bitcoin Halving was priced in, pouring cold water on some bullish predictions. Further back In February 2024, JPM said that the price of the largest cryptocurrency could crash to as low as $42,000 after the halving event. 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. Bitcoin Fan’s View. Around that time and separately, Bitcoin bull Mike Novogratz also warned that the Bitcoin market was getting frothy in an interview on Bloomberg TV. Bitcoin Performance. The price of Bitcoin surged to its current all-time high of $73,737 in March and went on to log 8 consecutive green monthly candles. However, it experienced a dramatic correction in April 2024 and then kept plunging in May due to disastrous ETF outflows and macroeconomic concerns. (see above) Having said that, Friday’s release of US’s April Non-farm payroll seemed to have turned things around for both US market and Cryotocurrencies; as both have risen. The flagship cryptocurrency is currently trading at $63,691. 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, although he sees value in blockchain technology. His concerns included: Cryptocurrencies’ illegal activities potentials eg. money laundering, fraud, and tax evasion due to their anonymity and lack of regulation. Lack of oversight - on previous occasions, he has called for more stringent oversight to prevent the financial crimes associated with cryptocurrencies. Ironically, despite JP Morgan CEO’s long-standing criticism, the bank has served as an Authorized Participant for BlackRock’s spot BTC exchange-traded fund (ETF) since their launch. My viewpoints: (mine & mine only) If you asked me, I think it is hypocritical of the bank and its CEO not practising what it preaches. At the end of the day, it still “sweeps” its principal under the rug and succumbs to the lure of dollars & cents. Like US stock market, Bitcoin and other crypto currencies could also be manipulated by crypto whales. In this respect, there is no difference between investing in either equities or crypto market, except crypto volatility could be more severe. Despite all the warnings, Bitcoin has risen approx. +13% since Fri, 03 May 2024. When it comes to Bitcoin investment, there’s no guidelines or framework to follow. It’s the Wild, Wild, West out there. Must Read: Click on below titles to access. Give a like & help to Repost ok. Thanks. US Stocks to Watch: Rally Cont'd This Week ? PLTR : Q1 Profit Prediction - Boom or Bust ? TSLA: Staff Exit Is Risk To Earnings & Future ? Do you think Bitcoin will continue to rise higher this week? Do you think Crypto whales might take profit anytime soon ? If you find this post interesting, give it wings! ️ Repost and share the insights ? Do consider “Follow me” and get firsthand read of my daily new post. Thank you. @Daily_Discussion @TigerPM @TigerStars @Tiger_SG @TigerEvents