Drop cryptocurrencies bitcoin was the first for her stress test, which she passed “mostly positive”.
This opinion was expressed by strategists at the biggest US Bank JPMorgan Chase, according to Bloomberg.
Subscribe to the channel DELO.UA
Nikolaos Panigirtzoglou and Joshua the Younger, stated in his report titled “Cryptocurrency takes its first stress test: gold, pyrite or something in between?”.
As stated in the publication, the price of the coin is not much different from the levels of intrinsic value, and therefore only briefly dropped below the cost of mining;
Thus, there was little indication of the flow of liquidity within the asset class when investors sought refuge in more secure and liquid parts of the cryptocurrency market.
In April, trading volumes on cryptomeria collapsed by more than a quarter
However, most altcoins fell at the same time – correlation in the market has grown over the last few months.
This suggests that the evidence of the dynamics of escape panic, or even multi-level distribution of material quality among cryptocurrency is not a lot even during the crisis in March,” said strategists at JPMorgan.
They also stressed that the market structure of bitcoin were more stable than currencies, stocks, Treasury bonds and gold.