Bitcoin ‘$68k Too Low’ Versus Gold Says Jpmorgan As Btc, Stocks Dip...
JPMorgan said that the latest BTC price drawdown meant that Bitcoin was now undervalued compared to gold, in contrast to the end of 2024.
Bitcoin joins US stocks in erasing its latest gains as market nerves heighten over US economic cues.
Fed interest rate cut odds slowly increase, but analysis says that risk assets could get a nasty surprise.
JPMorgan now sees Bitcoin as undervalued against gold.
Bitcoin (BTC) wobbled below $102,000 at Thursday’s Wall Street open as US stocks dipped on macro data.
Data from Cointelegraph Markets Pro and TradingView showed BTC price losses nearing 2% on the day.
BTC/USD joined the S&P 500 and Nasdaq 100 in heading downhill, with equities reacting to news of job cuts and surging US household debt.
A report from employment firm Challenger, Gray & Christmas confirmed over 153,000 job cuts last month — the highest October total since 2003.
“October’s pace of job cutting was much higher than average for the month,” chief revenue officer Andy Challenger commented.
Amid a lack of official employment data due to the ongoing government shutdown, the numbers resonated, with trading resource The Kobeissi Letter suggesting that the economy “may need more” interest-rate cuts from the Federal Reserve.
Source: CoinTelegraph
