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American investment bank JPMorgan says that Bitcoin is currently undervalued, with $38k being the fair value citing potential upside momentum in the crypto sector.
Source: Zycrypto
BTCUSD is up +0.67%
The investment firm believes that there is a potential for an upward surge in cryptocurrencies despite most digital assets losing half their value and market cap down by $1.7 trillion.
JPMorgan adds that the recent crash in Terra’s stablecoin UST and native token LUNA has not affected the positive outlook in the sector by the venture capitalists.
The bank remarked that the global inflation issues arising from political turmoil in Europe and the rising interest rates had put pressure on equities and the cryptocurrency space. JPM observed that the crypto sector remained under pressure since reaching a high in November 2021.
Grayscale CEO Michael Sonnonshein has also commented positively about cryptocurrencies, saying that the sector will find its footing in the near term.
Bitcoin is currently trading below the $30k price level amid a bearish pressure among most tokens. The primary crypto is down 5.57% in the past 24 hours, trading at $29,996.
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