The Magazine for Asian Investors
The Bitcoin price fell 0.62% to $29,429.96 in Asia this morning (May 27).
Bitcoin’s negative movement this morning came after the Dow Jones Index closed up 516 points on Thursday (May 26), while stock prices rose across all groups. Investors reacted to the announcement of the company’s operating results in the retail sector. Furthermore, the minutes of the U.S. Federal Reserve (Fed) meeting are in line with market expectations.
- The Dow Jones Industrial Average rose 516.91 points, or 1.61%, to close at 32,637.19.
- The S&P 500 rose 79.11 points, or 1.99%, to close at 4,057.84.
- The Nasdaq rose 305.91 points, or 2.68%, to close at 11,740.65 points.
Movements in the Crypto Space
JPMorgan Chase Bank says bitcoin is an alternative asset of the future. The coin is said to be worth $38,000.
The Fin Bowl website reports that JPMorgan Chase Bank said Bitcoin’s supposed fair price is actually 28% higher than current levels, or $38,000. The bank said cryptocurrencies have overtaken real estate as one of the most popular “alternative assets,” according to Market Insights reports.
Nikolaos Panigirtzoglou, the global market strategist at JPMorgan, commented that the volatility in the crypto market last month compared to January-February last year is considered a capitulation. And in the future we will see a better situation of the bitcoin and crypto market.
Therefore, cryptocurrencies and digital assets can replace real estate as alternative investments, which we need to study along with investment risks.
Since early 2022, the crypto market has plummeted due to inflation and rising interest rates. The conflict in Ukraine and the economic slowdown in China have led investors to withdraw their investments from perceived risky assets such as cryptocurrencies.
With the Bitcoin price falling by almost 37% since the beginning of 2022, the global crypto market capitalization has simultaneously dropped by more than $1 trillion. It fell from a peak of almost $3 trillion in November 2021, causing a sharp decline in the total market capitalization of all cryptocurrencies.
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Friday, May 27, 2022