Bitcoin might just soar to a whopping $120k by 2024's finale. That's what the big brains at Standard Chartered Bank are saying. Those outside of the UK may not understand exactly who that is - this bank is massive here, with 85,000+ employees and locations across the country.

They reckon Bitcoin's price rises, miners will be stashing away more than they're selling. Throw in all the new instructional investment coming in - and you end up with a lot of buyers fighting over a very small, and shrinking supply of BTC being sold. 

Back in April, the same bank forecasted Bitcoin could hit $100k by 2024, thinking we were out of the dreary 'crypto winter'. But now, the bank's head of crypto research, Geoff Kendrick, says there's a chance it could go beyond that.

Why's that? Well, Kendrick explains, with every Bitcoin they mine being more valuable, miners can sell fewer of them and still keep the cash flowing in. This means less Bitcoin in the market, pushing the price even higher. Simple supply and demand.

Bitcoin's had a strong year, rocketing up 80%...

But at the current price of $30k and change, we're till a far cry from the record $69k it hit last November.

2022 was rough, with heaps of dollars wiped off the sector as central banks got tough with interest rates and big crypto names like FTX exchange crashed and burned. But surprisingly, this year's failure of some old-school banks has actually helped crypto bounce back.

The More Bitcoin is Worth, the Less Miners Sell to Cover Costs...

The bank thinks the predicted price hike is because Bitcoin miners, who create about 900 new Bitcoins a day globally, might soon need to sell less of their stash to cover their costs - mostly the electricity needed to power their monster network of mining rigs..

According to Kendrick, miners are currently selling most of their newly minted coins. But if the price reaches $50k, they'd probably only need to sell 20-30%. So instead 900 new bitcoins hitting the market daily, only 180 to 270 would.

"Over a year, that's like reducing the number of coins miners sell from 328,500 to somewhere between 65,700 and 98,550 - meaning about 250k less Bitcoins flooding the market each year," Kendrick explains.

250,000 Less Bitcoins For Sale Means Buyers Will Have Convince Others to Sell - That Means Offering More Money...

And in another twist, come next spring, the total number of Bitcoins that can be mined each day is set to halve. It's part of Bitcoin's in-built design to limit the supply and keep its appeal.

But let's not forget that Bitcoin has a history of wild price guesses. Back in November 2020, a Citi analyst said Bitcoin could climb as high as $318k by the end of 2022. It ended up closing that year down about 65% at $16,500. So take all these predictions with a pinch of salt.
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It's a new month, and the end of 2023's first quarter is in sight.

As someone who watches Bitcoin on an hourly/minute-by-minute basis, it's also important to occasionally take a look at the big picture as well. Taking a step back will often reveal things you didn't notice before. Remember, you can also miss things by looking too closely.

On that note, as I zoomed out from the hourly charts to look at the market from the beginning of the year, I could see just how strong of a start Bitcoin is having in 2023 — things look even better than I was expecting.

3 Positive Months...

This will be Bitcoin's best quarter in 2 years if it maintains its growth through April!

Bitcoin has grown every month of 2023 so far.  Exactly 3 months ago, BTC was trading at $16,585 - so we're up approximately $12,000... in just 90 days!

Have We Been Here Before?

Some analysts are saying they've seen these charts before - in the run-up to 2020's bull run that brought Bitcoin's price to over $60,000+.

Take a look at this tweet from analytics platform Barcharts: 

The banking crisis, inflation, and investors looking for alternative stores of value is considered the main driving factor behind the recent price increase - there's no end to these issues in sight, and many think things could potentially get worse before the situation improves. 

Why The Next Bull Run Will Be BIGGER Than the Last...

I'm not someone who makes predictions, I'll share interesting ones made by others if there's data to explain how they arrived at their opinion - but don't ask me when Bitcoin's next big bull run will be. 

But when does happen - it's going to break price records.

That's not a prediction - first off, it's tradition - as every crypto-crash has been followed by setting a new high.

However, this time something is very different than before, and there's really only one way this plays out - buyers will be in a bidding war over an INSANELY low supply of Bitcoin being sold.

The supply of Bitcoin being held off-market is at an all-time high...

This has been the case since early February, and we covered this then. Basically, to qualify as a coin that's being held 'off market' it must have have remained in a single wallet, untouched, for 2+ years or more.

We're seeing that Bitcoin believers took advantage of the low prices and spent the bear market accumulating. Now the owners of these Bitcoins are HODLing, and won't be selling anytime soon.

I know countless people in this group, it includes most of the people reading this, and the person writing it as well. I know that each person has a number in mind as their target selling price, and while it varies for everyone, I'm not hearing anyone say they've been holding for years just to sell for $30k, or $40k.  I occasionally hear $50k, I occasionally even hear $1 Million, but the majority of people seem to be eyeing somewhere around $60k-$100k.

So as the next bull run brings waves of amateur investors wanting a piece of the action, (it always does) they're going to discover very few people selling to them for anything under $50k, as this record number of people continue holding back a significant portion of the supply.

Once it begins, expect prices to rise at a speed we've never seen before...

This low supply of Bitcoin being sold is something most people seem unaware of, or at least not paying attention to yet. But I believe this will be the defining factor of the next bull run, the thing people will mention when talking about it years later.

One final thing to consider - The low supply will cause the price to rise fast, but the faster it rises the more news it makes, and the more people it attracts looking to buy as quickly as possible.

Things could get real interesting, real quick. You don't need to know exactly when it will come to make sure you're positioned to take advantage of things once it begins - position yourself wisely.

[ Trading Tip: If you don't want to risk buying now because you are concerned it could go lower before it goes higher, remember, you can place bids to catch it on the way up.  For example, Bitcoin is at $28,430 at the time of publishing, so setting buys at around $32,000 would let you get on the rocket ship before it really takes off. ]

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Author: Ross Davis
Silicon Valley Newsroom
GCP | Breaking Crypto News

Following Bitcoin's price gains over the past week, the crypto world can once again claim that the majority of Bitcoin investments have made a profit for the investor - as 68% of Bitcoin addresses are now considered 'profitable' to it's owner, according to the latest data from research firm Glassnode.

The last time this happened was in the middle of last year, as can be seen in the graph that accompanies the firm's publication. At that time, the price of the cryptocurrency exceeded $40,000 and was in sharp decline.

Basically, it Means the Majority of BTC Holders Paid an Average Price Less than $22,000...

There's more positive statistic pointing towards Bitcoin's resilience.

Looking at 'dormant' coins (coins that have not moved for an extended period) 'lost' coins (coins believed to be in wallets no one has the key to) and long-term 'saved' coins (coins deliberately untouched by their owner, aka HODLing) are now at a 5-year high. 

These coins contribute to stability and a higher floor price, because they are considered unlikely to be sold anytime soon . 

Also, there are more people with at least 1 full bitcoin now than ever before. 

End of the Bear Market in Sight?

While a good week doesn't mean we're out of a bear market, it does look like the sell-off is done. Those buying BTC say their current goal is accumulating more, and as they began dominating the market it became clear, buyers are greatly outnumbering sellers, which naturally led to the price increase. This behavior indicates that most BTC owners believe that there's another bull run coming.

Currently the market is a mixed bag of indicators pointing in both directions, we see sentiment among traders moving away from fear, which is part of a bear market coming to a close, but that's still premature to claim.

While traders feel more confident now than they have for months, another price dip before things go bullish is still something most traders see as possible. The main reason for skepticism is the larger economic situation, as the uncertainty resulting from national debit, layoffs, and inflation are shared by crypto investors regardless of where they're from. 

Officially, this is still a bear market, and many believe it will stay that way until the overall economic situation improves - people are unlikely to make significant investments in crypto or anything else if they're not sure they will still have a job next month.

I Reached Out to 2 Pro-Analysts, Hoping for Some Insight on What Bitcoin's Next Move Could Be...

I've occasionally reach out to these guys for their opinions ever since I met them at Blockchain Expo Global in 2018. 

One works for a US based investment firm some of you have most likely heard of, the other works at an international exchange I think nearly everyone is familiar with. Note that they are sharing their professional opinions, on a personal and unofficial basis. So while we cannot include their full credentials here - they're the real deal.
 
There was Consensus From Both That the Smart Thing to do Right Now: Probably Nothing...

The US based analyst explained "this is one of those occasional times where no one can predict what comes next... until we see what comes next" he asks to let him clarify, and adds "basically, there's nothing we would consider a strong indicator that BTC will move in either direction right now- actually, some of the typically reliable indicators are disagreeing with each other Ironically, what seems like a lack of data is actually an accurate look at the market's current state - it's legitimately undecided right now."

The analyst currently working for an exchange added "While I know I'll be wrong sometimes, I still think that if my level of confidence is below like 70% it's probably best not to say something that people will act upon, I wouldn't move any of my own funds around for a prediction from someone whos only 60% behind it."

What Should You Be Paying Attention To Over the Next Week?

If things take a turn and prices head back down, look for Bitcoin dropping below $20,000 -  if it does,  it may continue to drop to around $16,000, a proven strong support level.

On the other hand, if Bitcoin continues to make gains and manages to cross $24,500 we could see the rise continue to around $27,000.

A Reminder of The Market You're In:

Bitcoin tanked from $1,000 to below $200 in 2015.

Bitcoin dropped below $3,200 after hitting $20,000 in December 2017.

Bitcoin dipped from $63,000 to $29,000 in 2021.

Bitcoin went from $68,000 to below $20,000 in 2022, this is today's bear market.

After each of these events the media declared the "end of Bitcoin".  Elderly professionals from the traditional finance and banking world would make sure to be seen in print and on TV saying "told you so" while warning everyone not to ever buy more Bitcoin.

What they don't say is that their grandson helps them anytime they need to send an email, and they literally couldn't buy Bitcoin if they wanted to (people under estimate how often this is the true reason an older person is anti-crypto)

EVERY. SINGLE.TIME. Those who stood firm in their belief in crypto's future were rewarded with prices hitting a new all-time high, every major crash as been followed by breaking previous records. 

---------------------
Author: Oliver Redding
Seattle Newsdesk  / Breaking Crypto News

While the scam is over, the story behind it is not. That won't change as long as it's main character remains in hiding. 

The dollar amount allegedly stolen by 'Crypto Queen' Ruja Ignatova is approximately the same amount Bankman-Fried is accused of losing. But Sam's story is downright boring compared with the chaos still happening today in the aftermath of OneCoin.

Both Sam and Ruja are accused of losing $3 - $4 billion of their user's funds, which puts them in a category beyond just running "crypto scams"- they're officially among the "largest scams ever" both in the number of victims, over 3 million, and the total dollar amount taken from them - over $4 billion in USD value, according to the FBI and Europol.

First Time Hearing About This?

The first time I heard of "OneCoin" it was already over, they had just been shut down, and the people behind it were in the process of being tracked down and arrested.

I was shocked - how could a multi-billion dollar crypto scam happen and it wasn't even on my radar?!

Good news, the problem isn't that you weren't paying attention - OneCoin deliberately avoided attracting attention from people in select 'Western' nations.  They feared that law enforcement in these countries were tech savvy, and way ahead when it comes to cases involving crypto. 

Still, today it's not uncommon to find someone who is in the crypto industry (full time) who says they've never heard of OneCoin. But most common seems to be someone remembering OneCoin was 'some kind of scam a few years back' with maybe 10% of people aware of its size - one of the largest scams in history and on the extremely short list of scams with a multi-billion dollar price tag.

It was the US FBI they feared the most, and to avoid them they also avoided scamming US citizens. They believed this was so important that if someone in the US ended up on their site and wanted to join - the signup page would give them an error and close itself.

Ironically, the FBI is leading the way in dismantling OneCoin, and is credited with tracking down many of the executives in custody today.

Comparing Sam and Ruja May Be Unfair... to Sam. He Isn't Nearly as Evil...

There's one huge difference between them  - Sam started a legitimate business. The more money he had the more careless he became.  But those funds were handed over to him for use in his legitimate business, which did exist..

Ruja never intended to start a business - she created a scam. 'OneCoin' was a fraud from the first day it launched, not a single feature ended up to be true.

Her public image was the same, professionally she introduced herself as "Dr Ruja Ignatova" and claimed an educational history of elite colleges, and an employment history at major financial firms.

She is the definition of 'scammer' - so dedicated to it she lives her daily life as the character she created for the single purpose of getting people to believe the opposite of what is really happening. 

Exactly how it appeared on OneCoin's website - but when Forbes was contacted they said OneCoin simply purchased as space, in that space they put an interview, then announced people could read an interview with Ruja in the latest edition of Forbes Magazine.

People behind scams this large don't struggle morally about what they're doing, far from it. They become addicted to the power they feel whenever they step on stage and see thousands of people clapping and cheering for them - the same people they will soon financially ruin. In these short moments they feel like the smartest person on the planet. 

What Puts This Story On a New Level of CRAZY: OneCoin Wasn't Even Real...

To be clear, I am not saying "her coin wasn't as good as she claimed" - I'm saying they didn't even have a coin.

She nicknamed their non-existent cryptocurrency the "Bitcoin Killer', claiming the blockchain technology behind it was so superior, it would soon come to replace Bitcoin.  In reality, she had nothing. No blockchain, no cryptocurrency.

What they did have was the OneCoin App, where people couduse real money to purchase OneCoin, and see it added to their balance - that's the entire system.

The price of OneCoin was also entirely imaginary, having nothing to do with supply and demand they could simply decide what the app would show the public, and of course, they decided to make it look like demand was huge. 

In e-mails obtained by investigators and used in court against OneCoin leaders, Ruja is seen telling the developers building the OneCoin system that:

"We would like to be able to set the price manually and automatically and also control the traded volume."

Legitimate cryptocurrencies cannot control any of those - the market decides the price, and volume is simply the total amount people bought or sold. 

Now That They at Least Appeared to Be Having a Strong Start, They Would Use Their Fake Coin's Fake Success, to Bring in Real Money...

Within the app was also the only 'exchange' where OneCoin could be traded - it had to be this way because trading it anywhere outside of their app would have been technically impossible -  no transferable cryptocurrency existed.  But according to their app, their imaginary cryptocurrency was quickly increasing in value, and that's all they needed to keep users buying more and telling their friends. 

This is where the pyramid aspect comes in to play -users would receive commission from people they invited to OneCoin, then they would also receive commission if that friend brought their friends.

OneCoin users who referred a lot of other users are the only group of people who walked away with a profit, but it's impossible to figure out who was knowingly promoting a scam, and who was a victim believing they were sharing something good. 

OneCoin Held 'Conferences' Attended By Thousands - Here Ruja Would Speak About Blockchain Revolutionizing the World of Finance...

Always booked as the special 'keynote speaker' at her own events, Ruja would give long speeches about what blockchain tech can do, and will do in the future. But back in reality, no blockchain of any kind was being used at OneCoin.

E-Mails obtained by investigators and shown in trials of her partners made it clear - she was the mastermind behind the lies, fully aware of every shady thing they were doing.

In one exchange with co-founder Karl Greenwood, she says “We are not mining actually – but telling people shit" and jokingly referred to OneCoin as 'Trash Coins'. 

The Collapse...

The red flags started to pile up - people discovered that some of OneCoin's directors had previously been involved in other known scams.

Plus, for years people requested any verifiable evidence for any of their claims, and the excuses dragged on so long it became obvious they were hiding something.  They had been telling so many lies for so long that their own statements would occasionally contradict things they said in the past. 

As the inflow of money began to slow down, use of their fake exchange became limited, dividing their members into different levels with each given different trading restrictions. Those who spent a lot on 'educational materials' could trade on more days than those who didn't. 

They were making it impossible for there to be a run of users withdrawing until there was nothing left.

As OneCoin Comes Crashing Down,  Ruja is Nowhere To Be Found...

Some believe she bribed government officials in the 3 countries she had homes in, so they would agree to warn her in advance of any plans against her, or her business.

While that hasn't been proven, we can say that somehow she managed to stay months ahead of authorities, and was long gone when the day came, and OneCoin was forced to shut down as it's leaders were rounded up and arrested.

In those final months without Ruja, OneCoin stayed open for business, with her younger brother Konstantin Ignatov taking over the title of CEO.  But his reign as OneCoin's top boss was a short one, as he was arrested March 2019 in Los Angeles, and it all ending with him pleading guilty to fraud and money laundering charges.

Co-Founder Greenwood was detained in Thailand in 2018 and then extradited to the United States - just 3 weeks ago his case was closed after a deal to plead guilty was reached.  He still faces up to 40 years in prison.

Mark Scott, a former corporate lawyer, was convicted in November 2019 of laundering $400 million for the group by using a network of shell companies, offshore bank accounts and investment funds.

Another man, David Pike, pleaded guilty to committing bank fraud. He was sentenced to two years probation in March.

Not Even her Husband or 9 Year Old Daughter Has Heard from Her Since...

Most shockingly, she left her husband and now 9 year old daughter behind as well.   

They are said to be under 'constant surveillance' as authorities were expecting Ruja to eventually make contact with them.  If she has, it was done without anyone noticing, as the official status of her with the FBI describes her 2019 disappearance has the 'last time anyone has heard from or seen' her.

Is She Now a He?

It's hard to believe that a 3 year long global search with the powers of multiple law enforcement agencies from multiple countries behind it still hasn't found anything - to avoid even the occasional random sighting she either never goes outside, or has drastically changed her appearance. 

One way people believe she could do this would be for her to live as a man.

A professional sketch artists rendering of Ruja as a male, commissioned as part of Tradingpedia's research in to her disappearance.

Simpler methods of disguise have been suggested too, such as plastic surgery to make her face and body thinner, along with dying her hair blonde, would probably also make her unrecognizable. 

Possible Leads...

This week was brutal for those betting the crypto market would continue to drop lower, as they were instead met with a surprise bull run leading to the most liquidations of short positions in over a year.

In the case of Bitcoin (BTC) which rose from $17,500 at this time last week, to over $21,000+ at the time of publishing, truly punished those who bet against it. 

Short trader losses for BTC reached levels not seen since Aug 2021.

Total Lost by those Shorting the Crypto Market this Week Totals OVER $500 Million...

Ethereum has been the most shorted coin with 49% of liquidations coming from ETH shorts, Bitcoin was the second most popular coin responsible for 29% of the liquidations, with the remaining liquidations spread among altcoins that also went along for the ride up.

One thing is clear from looking at these stats - a lot of people were caught off guard!

The Question on Everyone's Mind - Where Do We Go From Here?

There's a split among analysts who predict that prices will continue to rise, and others who believe prices are soon heading back down... so, that doesn't help much.

Both sides have valid reasoning behind their predictions, it's up to you to decide which feels right.

Those who believe that bitcoin will continue to rise point to the fact that the cryptocurrency has bounced off lows of approximately $16,000 on five different occasions over the last three months. This is seen as proof that "we've found the bottom" - many investors were standing by, waiting to see what the bottom would be - now that they have an answer, expect more to take positions as prices remain low.

Others believe that these gains are only temporary. They point to the general economic uncertainty that can be found in most industries, in most countries - and top concern, inflation, far from resolved.

Make Smart Moves: 

There's 2 strategies dominating in communities of experienced traders.

Those who agree$16,000 is indeed 'bottom' will likely agree with the strategy shared by one trader "Anything within $10k of that is an automatic buy - so if the price is $26,000 or less I'm accumulating."

If you're not convinced that we've seen the worst of it, you'll probably agree with what another trader shared, saying "I still believe a drop to $10-12k is possible before the next real, sustained bull run.  So I'm going to keep my DCA strategy running" - DCA stands for Dollar Cost Averaging, this method involves investing a set amount each week no matter what the price is. If it goes down from here, you still have funds to buy the dip.  If the price continues to go up, you at least bought some near the recent low.

Share your thoughts:
Do you believe recent gains will hold? Tweet us at @TheCryptoPress 

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Author: Mark Pippen
London News Desk 
Breaking Crypto News 

Update: Looks like our theory was correct (and while it could reverse course any time) currently CORZ is up 64.20% over the last 30 days.!

Original Article 6/15/2022:

S9 miners, extremely popular mining rigs with almost 8 years in the market, are operating at a loss to anyone located somewhere paying more than 2cents USD per kilowatt-hour in electricity costs. This is most US states.

Crypto companies daily income and net worth can change drastically, fast.  In the case of CORZ, which also holds 8000 BTC, Bitcoin returning to just $30,000 could happen over a single week - and would suddenly turn a company that was losing money into one that gained $80 million more in assets. 

These factors are prime examples why stocks for companies focused entirely on crypto are different than anything Wall Street has seen before. 

Figuring out the value of a mining company isn't as simple as a formula for their hashrate (mining power) = X BTC earned daily + BTC already owned = company value.  The price of Bitcoin isn't the only factor - even the weather can dramatically change profitability, as we covered last week how Texas based mining companies are having to power down during heatwaves. 

Wall Street Debates How To Trade Crypto-Company Stocks...

Because of the factors explained above, we saw Core Scientific with a stock price around $13 just 6 months ago, down to $2 today.

Browsing stock-focused online communities makes one thing clear - stock traders still aren't sure if this represents a company moving towards failure, or chance to buy something with a rare huge potential upsides. 

The Power Play, Where You Don't Buy Bitcoin... and Profits Are Potentially 200% Higher...

So here's what it all comes down to - if you believe Bitcoin will return to or pass $60k again, and believe a stock like Core Scientific will return to $13 when it does (the price it was last time Bitcoin was at $60k) - the stock represents a 5X return on investment when Bitcoin's price only does a 3X.

Which is huge, and seems realistic - but will it?

The same financial press publishing crypto doom and gloom stories currently, will of course, again, hype up 'Bitcoin's comeback' when things go the other way.

So it's safe to say the buzz outlets like Bloomberg, CNBC, and Wall Street Journal will create will bring a boost to crypto related stocks as well. The audience of these publications includes a segment of investors not comfortable enough with tech to ever own crypto, but is willing to buy stocks that allow them to capitalize on a trend.

Here's Why it Isn't as Simple as 'Bitcoin up = Crypto stock up'...

The benefits of Bitcoin's decentralization is highlighted here, these risks apply to stocks but are not a factor for Bitcoin. 

Actually, these risks apply to any company managed by humans. A company can be derailed a number of ways - an inexperienced CEO or Board of Directors, negligence or fraud in the accounting department, a company deciding to issue a large number of additional shares, or bringing in a new key investor and issuing them a large number of shares below market value - all of these can quickly bring a stock price down - but none of then can happen to Bitcoin. 

It's not even as simple as finding a company managed by trustworthy and experienced executives - note that not all of the factors mentioned above would be considered poor company management, some are just part of doing business.

I do not currently own shares of any crypto mining company stocks...

This caught my interest and I immediately wrote this article, haven't moved on anything and still unsure if I will.  The main reason for hesitating is this would mean canceling some of my current open positions to 'buy the dip' on Bitcoin and a couple other coins I'm confident will rise again. 

Share your thoughts on this with us on twitter @TheCryptoPress!

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Author: Ross Davis
Silicon Valley Newsroom
GCP | Breaking Crypto News

While the return of the bull market may not be 'close' - there's some signs that it is indeed coming. 

We're not alone, many analysts see a positive future ahead, such as senior analyst of Bloomberg's Commodities Division, Mike McGlone, who says "bitcoin could initiate one of the largest bull markets in history."  

Other Positive Indicators:

Bitcoin being transferred from exchanges to privately owned wallets is considered a bullish sign, it indicates the owner of that Bitcoin is not looking to sell anytime soon. These investors are considered to be HODLing, and waiting for the bull market to return. 

via CryptoQuant: Amount of Bitcoin available on exchanges.

In fact, the supply of BTC being traded on exchanges hasn't been this low in 3 years.

Traders too fearful to notice - the crypto market already stabilized!

Traders are still on-edge from recent market chaos, the 'Fear & Greed Index' currently rates the Bitcoin market as one with 'Extreme fear' meaning indicators taken into account such as volume, momentum, and social media sentiment show traders hesitant to buy. 

Bitcoin has been trading between $19k and $22k for nearly an entire month!

'Hesitant to buy' and 'selling off' are two very different things - and it's gone somewhat unnoticed that the selloff ended weeks ago.

For Bitcoin especially - this is an extremely stable price range to be holding for weeks now.

Lingering fears...

Until last week, the big question mark hanging over the crypto market was lending platform Celsius and concerns it would be next to collapse.  They leveraged their funds through multiple DeFi platforms, concerns that they could be liquidated still owing millions were valid as it would have caused a ripple effect and likely another round of coin prices crashing down.   

However - they've spent the last week paying off large portions of those debts and now is no longer at high risk of liquidation 

So for now, it appears we won't be seeing any additional over-leveraged crypto platforms collapse. 

Unfortunately, the remaining cloud of fear hanging over the crypto market is a massive one that reaches far beyond crypto.  These fears are shared with the world and come from an economy struggling to grow, out of control inflation, rising gas costs, and global conflict. 

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Author: Adam Lee 
Asia News Desk / Breaking Crypto News

JPMorgan is telling clients that getting in to Bitcoin at current prices could have major upside for them down the line. The bank believes bitcoin is undervalued by 28% and has set a price target of $38,000 for the coin, which is currently fluctuating at about $29,000.

"We thus replace real estate with digital assets as our preferred alternative asset class along with hedge funds" they wrote.

Last summer, JPMorgan began offering six crypto funds to its wealth management clients, allowing them to diversify their portfolios with bitcoin exposure.

Bitcoin sank below $26,000 for the first time since December 2020 earlier this month.

"We see upside for Bitcoin and crypto markets in general going forward" says strategist Nikolaos Panigirtzoglou.

But the pain isn't limited to crypto, as seen last week when the NASDAQ 's market lost more than Bitcoin. In both cases, inflation fears are being blamed.

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Author: Justin Derbek
New York News Desk
Breaking Crypto News

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