Bitcoin’s recent slideJPMorgan Chase stated in a research note that the price of the digital token has fallen well below the fair value, which gives the currency “significant upside now”, according to JPMorgan Chase.

According to the bank, bitcoin is undervalued by 28% and it set its price target. The coin was currently trading at just above $29,600On Thursday, $38,000 per hour according to Markets Insider. Bitcoin fell below $26,000 earlier this month for the first time since December 2020, just as stock markets have been similarly pummeled — largely due to inflation fears.

Strategist Nikolaos Paigirtzoglou said Wednesday that “The crypto market correction in the past month looks more like capitulation than last January/February.” He also wrote, “We see upside for Bitcoins and crypto markets more generally,” he stated.

JPMorgan has a positive outlook This is because Jamie Dimon, CEO of the company is an exemplary example. longtime cryptocurrency skeptic. Dimon stated that he thinks personally about the matter.[s]He believes that Bitcoin is not worth anything, but he acknowledges that some of his customers feel otherwise.

“I am not a supporter of bitcoin. Bitcoin is not something I care about. It is not something I am interested in.” he said last year. “On the contrary, clients are curious, and I don’t tell them what to do.”

JPMorgan was acquired by JPMorgan last summer began giving wealth management clients accessTo add bitcoin exposure to portfolios, six crypto funds will be available. It’s in spite of Dimon’s earlier comments that Bitcoin has “no intrinsic price” and that “regulators want to regulate it.”

Hester Peirce, Securities and Exchange Commissioner will be speaking Wednesday told CNBCU.S. regulatory oversight has been “disregarded” regarding crypto. She urged Congress to make clear the SEC’s regulatory role so that her agency can be more proactive in fighting crypto fraud.

Pierce explained that she was not in favor of innovation or experimentation. There are also long-term implications for this failure.

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