Latest developments in the crypto market
JPMorgan Chase announced that it will update the ratings and stock target prices of listed Bitcoin mining companies based on the fourth quarter 2024 performance report, mainly including:
1. Raise IREN's rating from neutral to overweight, but lower its target price from $15 to $12;
2. Downgrade Cipher Mining's rating from overweight to neutral, and withdraw its $8 target price;
3. Reaffirm Riot Platforms CleanSpark's overweight rating, and lower its target price to $13 and $12 respectively;
4. MARA Holdings (MARA) is rated neutral, and the company's target price is lowered from $23 to $18.
Cryptocurrency analyst Benjamin Cowen recently said that Ethereum (ETH) will have to go through a "painful period" before rebounding, and its current trend is repeating the pattern of the 2019 market cycle. “The ETH/BTC price pair needs a monetary policy change to bottom, and for monetary policy change to happen, pain must be experienced. Welcome to the pain period, which is ultimately necessary. Recall that in the last cycle (2019), ETH/BTC bottomed after ETH/USD broke support.”
Cowen pointed out that the timing of Ethereum’s price breaking support against the US dollar in 2019 was just before the Fed ended quantitative tightening. He believes that everything that happened in the last cycle “is basically repeating itself in this cycle, just over a longer time span,” and that most price points in the current cycle are about 10 times larger than the 2019 market. "The reason why people have a hard time navigating this cycle and feel so different is that monetary policy has never changed in this cycle. In the last cycle, we saw monetary policy changes a year before the halving. Now we are a year after the halving, and we still haven't seen a change in quantitative tightening. They have scaled back slightly, slowed down the pace, but never really stopped."
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