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PewDiePie enters cryptospace, Antonopoulos on Bitcoin and more

Ketaki Dixit

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Venezuela’s suffering citizens receive helping hand: Keeping in mind the issues within the country, Bitcoin Interest [BCI], a  relatively unknown cryptocurrency organization, has taken the onus of helping the people of Venezuela.

Read more on https://bit.ly/2GfX1jl

Charles Hoskinson on implantation plans of Cardano: He stated that IOHK, as well as the projects associated with it such as Cardano and Ethereum Classic [ETC], operate on many basic principles.

Read more on https://bit.ly/2VzjI7j

Total number of Bitcoin transactions cross 400,000,000 mark: The highest number of daily confirmed transactions for the past year was on 2 April 2019, with 401,507 transactions.

Read more on https://bit.ly/2uUVUzf

Charles Hoskinson blasts Breakermag: Hoskinson talked about an article that was published by Breakermag, elucidating on the mistakes and the ‘bait and switch’ tactic used by the Breakermag journalist.

Read more on https://bit.ly/2Iq03Dh



Cryptocurrency mining scripts can be blocked on Mozilla Firefox: The Firefox team stating that they have listed domains that are popular for running cryptomining scripts by collaborating with Disconnect.me, a platform that allows users to block invisible sites that track user’s search and browsing history.

Read more on https://bit.ly/2uZBdSs





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Ketaki Dixit is a Journalism major from Jain University. She has about 1-year experience in the field and is passionate about blockchain technology and the cryptocurrency world.

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JP Morgan: Big banks stand corrected as Bitcoin rally past intrinsic value; admits current surge mirrors 2017 rise

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JP Morgan: Big bank stands corrected at Bitcoin rally past intrinsic value; admits current surge mirrors 2017 rise
Source: Pixabay

Big banks are riding a FOMO wave as the Bitcoin bull-run is just beginning. Spearheaded by the changing colors of JP Morgan, which recently forayed into the digital assets world, the banking elite is now suggesting that their initial stance on Bitcoin and the larger cryptocurrency world might have been off.

A recent chart by JP Morgan shows the current BTC price veer upwards chiding the “intrinsic value” the big bank placed on the virtual currency.

Based on the article by Bloomberg, the price of the coin would reverse towards the end of December 2018 and then make marginal gains until May 2019, all under the $5,000 mark. In reality, the BTC price, after dropping to “rock bottom” at just above $3,100 in early December 2018, edged upwards.

Several spurts of growth were seen in early January and February, prior to a massive April ascendance. On April 2, Bitcoin did away with the bank’s value mode and amassed a daily gain of over 15 percent, fuelling its current rise. Breaking the $5,000 ceiling in the process, which was pegged to remain intact well into May 2019, the king coin is now almost $3,000 ahead of the mark and is not looking to stop.

Source: Bloomberg

It should be noted that JP Morgan’s “intrinsic value” is calculated on the basis of the marginal cost of production, electricity prices, and hash rates. This model does not take into account, at least on absolute terms, the anticipatory effect of the 2020 halving, which, according to a slew of analysts is the behind the price rise.

Nikolaos Panigirtzoglou, the MD in the Global Market Strategy team at JP Morgan stated that Bitcoin breaking through its “intrinsic value” showed signs of mirroring its 2017 bull run. He evidenced this move by comparing the pre-December 2017 slump to the one seen prior to the current bullish swing.

The analyst added:

“Over the past few days, the actual price has moved sharply over marginal cost. This divergence between actual and intrinsic values carries some echoes of the spike higher in late 2017, and at the time this divergence was resolved mostly by a reduction in actual prices.”

With the analyst admitting that the imparting of an “intrinsic or fair value” to a cryptocurrency, much less a volatile one like Bitcoin, is a “challenging” ordeal, a mere JP Morgan acknowledgement of a Bitcoin bull-run is a remarkable sign for the digital assets industry, especially given the bank’s and its CEO Jamie Dimon’s Bitcoin-bashing in the past.

Mati Greenspan, senior market analyst at eToro attested to the same, adding a key point that JP Morgan failed to take into account in their calculation. He stated:



“Great to see JPM finally admitting that Bitcoin has intrinsic value.
Now wait till they understand that miners who run a surplus tend to begin hording.”

Despite Bitcoin slumping at press time, recording a 1.23 percent decline against the dollar, the prospects look positive. After recording a massive gain on 19 May, briefly surging past $8,000 for the second time in a week, Bitcoin created a High-Low [HL] at $7,100, which many analysts look at with glee.

This HL immediately following last week’s pull-back caused due to post-Consensus bears, a Bitstamp sell-order and market correction showed the king coin’s bullish persistence and can even be a foundation for a $9,000 ascendance, defying any “intrinsic value” expectations.





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