NEW YORK, June 11, 2021 /CNW/ - Galaxy Digital Holdings Ltd. (TSX: GLXY) ("Galaxy Digital") announced that its affiliate, Galaxy Digital Asset Management ("GDAM") reported preliminary assets under management of
Crypto Stocks Hold Their Ground As Analysts Say Bitcoin May Reach New Lows
JPMorgan Chase & Co. (NYSE:JPM), suggest that
Bitcoin (CRYPTO: BTC) is headed lower.
What Happened: According to JPMorgan s note written by analyst Nikolaos Panigirtzoglou, a medium-term fair value for Bitcoin now stands between $24,000 and $36,000, and weekend institutional demand is likely to bring its value below $30,000.
“The fair value for Bitcoin based on a volatility ratio of Bitcoin to gold of around x4 would be 1/4th of $145k or $36k. The fair value for Bitcoin based on the current volatility ratio of Bitcoin to gold of around x6 would be 1/6th of $145k or $24k. We thus see a fair value range of $24k to $36k over the medium term, Panigirtzoglou write in the note.