尽管加密货币最近大幅下跌，但金融巨头摩根大通表示，比特币被严重低估。当时，比特币的交易价格约为43400美元，该银行在周四重申了其2月份对比特币的估值，维持在3.8万美元。估值比目前的29757美元高出约28%。
摩根大通：比特币被低估了28%，加密货币成为另类资产的首选。
在周三发布给客户的一份报告中，莫言表示，数字资产和加密资产取代了房地产，并将其作为银行首选的替代资产类别与对冲基金进行了比较。由于出售加密资产比其他私募股权更有害，私人债务和房地产替代资产更大，这表明加密资产有更大的反弹空间，而其他三种替代资产可能，而其他三种替代资产可能存在潜在的滞后再定价风险。莫言调整了他对替代投资的整体评级，从之前的增持到减持。
(注:另类资产通常是指除股票、债券或现金之外的投资。
这种估值是对比特币和更广泛的加密资产类别的信心的肯定。比特币目前的交易价格不到其68721美元的历史高点的一半。除了加息和俄罗斯-乌克兰冲突对科技投资的负面影响外，加密货币市场还在努力应对价值500亿美元的稳定货币TerraUSD和LUNA货币的崩溃。TerraUSD的崩溃似乎促进了包括分散金融网络在内的交易和贷款活动在内的其他加密领域的抛售。
摩根大通：比特币被低估了28%，加密货币成为另类资产的首选。
自2021年5月和2021年6月科技股下跌以来，持有比特币期货的ETF也出现了最大的资本外流。目前，与11月的3万亿美元相比，加密货币的总市值为1.3万亿美元。
在报告中师在报告中指出，摩根大通策略师NikolaosPanirtzoglou：
过去一个月的加密市场调整看起来比去年1月/2月更像是一次投降。展望未来，我们看到了比特币和加密市场的上行空间。
摩根大通：比特币被低估了28%，加密货币成为另类资产的首选。
这些战略家还认为，2018-2019年的漫长冬季对于帮助加密市场避免最初的代币发行热潮至关重要。就在昨天，美国风险投资巨头AndreenHorowitz宣布，作为其更大45亿美元基金的一部分，以太坊区块链公司Starkware以80亿美元的估值完成了1亿美元的融资。战略家们说：
到目前为止，几乎没有证据表明加密资产的风险投资在Terra崩溃后已经耗尽。在今年迄今为止250亿美元的风险投资中，近40亿美元流向了Terra。我们最乐观的猜测是，加密资产的风险投资将继续下去，并将避免像2018/2019这样漫长的冬天。
然而，所有流入加密市场的资金并不意味着所有资金都能盈利。加密货币发行的大部分利润已经流向早期投资者和区块链创始人。许多代币在主要交易所上市后的回报最大。TerraUSD和LUNA货币的崩溃只会突出高价代币增加的风险。
金融监管机构也发出了不断增长的担忧信号。欧洲央行最新警告。
在周三的一份报告中，欧洲央行表示，加密资产市场目前在全球金融体系中占不到1%。这并非微不足道。尽管最近有所下降，但目前的市场规模与导致2008年全球金融危机的次级抵押贷款市场类似。欧洲央行总结道：
如果根据当前的增长轨迹继续整个加密资产系统的规模和复杂性，并且越来越多的金融机构参与其中，那么加密资产将对金融稳定构成威胁。
在接受采访时，欧洲央行行长拉加德也呼吁加强监管，并警告投资者加密货币的风险：
加密货币‘一文不值’在我看来。
欧洲央行在报告中表示，欧元区银行和加密资产之间的联系到目前为止是有限的。一些国际和欧元区银行监管了加密货币衍生品的交易和清算，即使它们没有基本的加密资产库存。大型支付网络加强了对加密资产服务的支持，机构投资者现在对比特币和加密资产的投资更为普遍。

Despite the cryptocurrency’s recent sharp decline, financial giant JPMorgan Chase said that Bitcoin is severely undervalued. At the time, Bitcoin was trading around $43,400, and the bank on Thursday reiterated its February valuation of Bitcoin at $38,000. The valuation is approximately 28% higher than the current price of $29,757.
JPMorgan Chase: Bitcoin is undervalued by 28%, and cryptocurrencies have become the first choice for alternative assets.
In a note to clients on Wednesday, Mo Yan said digital assets and cryptoassets have replaced real estate, comparing them to hedge funds as the preferred alternative asset class for banks. Since selling crypto assets is more harmful than other private equity, private debt and real estate alternatives are larger, suggesting that crypto assets have more room to rebound than the other three alternatives, while there may be potential lag for the other three alternatives. Repricing risk. Mo Yan adjusted his overall rating on alternative investments from overweight to underweight previously.
(Note: Alternative assets generally refer to investments other than stocks, bonds, or cash.
This valuation is an affirmation of confidence in Bitcoin and the broader crypto asset class. Bitcoin is currently is trading at less than half its all-time high of $68,721. In addition to the negative impact of rising interest rates and the Russia-Ukraine conflict on tech investment, the cryptocurrency market is also grappling with the decline of the $50 billion stablecoins TerraUSD and LUNA currencies. Crash. The collapse of TerraUSD appears to have fueled sell-offs in other crypto sectors, including trading and lending activity on decentralized financial networks.
JP Morgan: Bitcoin is 28% undervalued, cryptocurrencies become alternative assets of choice .
ETFs holding Bitcoin futures have also seen the largest capital outflows since the decline in tech stocks in May and June 2021. Currently, compared with $3 trillion in November, the cryptocurrency The total market capitalization is $1.3 trillion.
In the report, JPMorgan strategist Nikolaos Panirtzoglou noted in the report:
The crypto market correction in the past month looks more like January/February last year is a capitulation. Looking ahead, we see upside for Bitcoin and crypto markets.
JPMorgan Chase: Bitcoin is 28% undervalued, cryptocurrencies becoming alternative assets of choice.
These strategists also It is believed that the long winter of 2018-2019 will be crucial in helping the crypto market avoid the initial coin issuance boom. Just yesterday, American venture capital giant Andreen Horowitz announced that as part of his larger $4.5 billion fund, the Ethereum blockchain Chain company Starkware has completed a $100 million funding round at an $8 billion valuation. Strategists say:
So far, there is little evidence that venture capital funding for crypto assets has been exhausted after the Terra collapse. This yearNearly $4 billion of the $25 billion in venture capital investment to date has gone to Terra. Our best guess is that venture capital investment in crypto assets will continue and avoid a long winter like 2018/2019.
However, all the money flowing into the crypto market does not mean that all money will be profitable. Much of the profits from cryptocurrency issuances have gone to early investors and blockchain founders. Many tokens have the greatest returns when listed on major exchanges. The collapse of the TerraUSD and LUNA currencies only highlights the increased risks of high-priced coins.
Financial regulators have also signaled growing concern. The latest warning from the European Central Bank.
In a report on Wednesday, the European Central Bank said that the crypto asset market currently accounts for less than 1% of the global financial system. This is not trivial. Despite recent declines, the current market size is similar to the subprime mortgage market that led to the 2008 global financial crisis. The ECB concluded:
If the scale and complexity of the entire crypto-asset system continues on its current growth trajectory, and if more and more financial institutions become involved, crypto-assets will pose a threat to financial stability.
In an interview, European Central Bank President Christine Lagarde also called for greater regulation and warned investors of the risks of cryptocurrencies:
Cryptocurrencies are ‘worthless’ in my opinion.
The ECB stated in the report that the links between euro area banks and crypto assets have so far been limited. Some international and euro zone banks regulate the trading and clearing of cryptocurrency derivatives, even though they do not have underlying inventory of crypto assets. Large payment networks have increased their support for crypto-asset services, and investment in Bitcoin and crypto-assets is now more common among institutional investors.