Market Recap: JPMorgan Analysts Predict $150K Bitcoin, Investors Ignore Coming Rate Hikes

JPMorgan analysts predict a $150,000 bitcoin price

Analysts from JPMorgan have released a report stating that bitcoin's current fair value is just $38,000 due to its volatility relative to gold, but that in the long-term, it could go to $150,000.

“The biggest challenge for bitcoin going forward is its volatility and the boom and bust cycles that hinder further institutional adoption,” the report said.

Bitcoin rose 1.55% on the news while ether increased by as much as 4.75% on the day. Cryptocurrencies' overall market capitalization increased by nearly 2% as well.

[stock_market_widget type="accordion" template="chart" color="#5B35D5" assets="BTC-USD,ETH-USD" start_expanded="true" display_currency_symbol="true" api="yf" chart_range="1mo" chart_interval="1d"]

Investors set aside rate hike uncertaintly

Investors seem to have priced-in coming rate hikes — or have forgotten them for now. The S&P 500 has increased over 8% since its low in late January. Likewise, the Nasdaq has increased over 9% since its lows in late January. Today, the S&P 500 and the Nasdaq are up 1.45% and 2.10% respectively.

[stock_market_widget type="accordion" template="chart" color="#5B35D5" assets="^GSPC,^IXIC" start_expanded="true" display_currency_symbol="false" api="yf" chart_range="1mo" chart_interval="1d"]

Top stories

Story: AssangeDAO Raises $55M in Six Days to Help Liberate WikiLeaks’ Founder

• “The desire to achieve Julian’s liberation and uphold civil liberties,” drove the spike in donations, AssangeDAO’s core moderator Josh, who goes by the username JB87, told Blockworks.
• A clock NFT was bought by the DAO for 16,593 ether, about $53 million, to help fund Assange’s defense and legal fees.

Story: Washington Nationals Latest Pro Sports Team to Strike Crypto Deal

• Stablecoin TerraUSD (UST) could be accepted for payments at Nationals Park next season.
• Crypto.com is set as the title sponsor of May Formula One race in Miami after becoming the first crypto sponsor of the racing organization last year.

Story: JPMorgan Says Bitcoin is 13% Overvalued

• Bitcoin’s fair value is $38,000, according to strategists from JPMorgan.
• Crypto advocates say that bitcoin’s volatility is an advantage.

Story: Russia Moves to Recognize Crypto as a Form of Currency

• Regulators hope to “bring the digital currency industry out of the shadows."
• The establishment of rules for crypto circulation “would minimize the threat to Russia’s financial system."

Going forward

Positive sentiment seems to have entered both the crypto and equity markets again as investors look to take advantage of lower prices instead of worrying about looming rate hike announcements from the Federal Reserve. It's unclear at this time how markets will react to the inevitable rate hikes, but some degree of volatility should be expected.

---

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

Explore the growing intersection between crypto, macroeconomics, policy and finance with Ben Strack, Casey Wagner and Felix Jauvin. Subscribe to the Forward Guidance newsletter.

Get alpha directly in your inbox with the 0xResearch newsletter — market highlights, charts, degen trade ideas, governance updates, and more.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.