Bitcoin Mining Economics Improved in the First Half of November: JPMorgan
The total market cap of the miners the bank tracks grew 33% since the end October, the report said.
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The total market cap of the miners the bank tracks grew 33% since the end October, the report said.
Under such a proposal, bitcoin would be established as a strategic reserve asset and the government could buy up to 5% of the cryptocurrency’s total supply, the report said.
The network’s monthly average hashrate surged to a record high, the report said.
The broker raised its price target for the software company to $300 from $173 while maintaining its buy rating.
The company missed consensus revenue expectations, analysts said.
The U.S. presidential election is an important short-term catalyst for Coinbase and the wider industry, and could lead to more regulatory clarity, analysts said.
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These tokens are at a regulatory disadvantage to stablecoins due to their classification as securities, the report said.
Republican control of the Senate would be key to passing bills such as FIT21 and appointing pro-crypto agency leaders, and digital asset reform would likely happen sooner with both chambers aligned, the report said.
October could be a harder month for the miners with the network hashrate currently 11% higher while the bitcoin price is up only about 5%, the report said.