.jpmorgan says the U.S. banking crisis and the intense shift in bank deposits to money market funds is viewed by crypto supporters as a vindication of the crypto ecosystem. By willcanny99.
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.Despite recent regulatory headwinds, the cryptocurrency market has rallied strongly over the last month, with bitcoin outperforming, JPMorgan said in a research report last week
.The bank notes that bitcoin, the largest cryptocurrency by market cap, gained at the same time as gold as both are viewed as hedges to a “catastrophic scenario.”also “exposed the weaknesses of the traditional financial system given bank’s maturity mismatch is susceptible to bank runs,” analysts led by Nikolaos Panigirtzoglou wrote.
“The U.S. banking crisis and the intense shift in U.S. bank deposits to U.S. money market funds is viewed by crypto supporters as a vindication of the crypto ecosystem,” the report said., which some argue will drive up transaction fees and increase miners’s revenues, the note said. JPMorgan says the most important support for bitcoin has come from rising investor focus about next year’sThis would mechanically double bitcoin’s production cost to around $40,000, creating a positive psychological effect,” because historically, BTC’s production cost has acted as an effective lower boundary to its price, the report added.
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