JPMorgan states that Bitcoin crash survival demonstrates that it has the power to stay
By Luke Flowers – Cryptocurrency Broker
JP Morgan describes Bitcoin as a student. Given its age, one can say that it has entered middle school. Considering the global recession, we can say that this student has just completed its first exam, and according to JPMorgan, the results were mostly positive, and many continued to buy and sell Bitcoin.
March was tough for the entire world. Just like many other areas of the market, Bitcoin too was affected through disruptions. It was primarily due to the coronavirus outbreak. The world economies have taken a hit, and investors are starting to get rid of riskier assets. Considering the damage Bitcoin took in comparison, one could say that it was relatively unscathed with many people still wanting to buy Bitcoin and sell Bitcoin.
The ability of cryptocurrencies to survive this madness that emerged in March, advocates the durability of this asset class. Since then, Bitcoin has rebounded, and it is halfway towards attaining its $20,000 peak.
During the March madness, Bitcoin’s valuations did not see much divergence from its intrinsic levels. This means that its value briefly went below its mining costs even when the volatility was at its peak. During this period, the buying and selling cryptocurrency traders might rush for safety or toward more liquid parts of the market to buy crypto and sell crypto.
Apart from this, Bitcoin’s market structure is a lot more resilient than those in equities, currencies, gold, and treasuries. You can measure it by looking into the liquidity, or by observing the bid-offer spread of the asset. In this way, the volatility of the asset can be detected.
Even though Bitcoin saw severe drops in its liquidity during the peak of this crisis, it comfortably bounced back, and this crash survival was much faster than any other asset class. According to JP Morgan, this survival demonstrates that Bitcoin has the power to stay in the market for a long time.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
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