JPMorgan Names Key Reasons Why Bitcoin Price Won't Rally Hard

The products, which debuted just two weeks ago, are already suffering from outflows. For comparison, US-based spot Bitcoin ETFs saw enormous demand following their launch, with BlacRock's IBIT breaking multiple records. The largest US bank has also estimated that the cost of mining one coin currently stands at $45,000 following the most recent halving event.

JPMorgan has noted that a post-halving drop in the hashrate has been delayed by the rather short-lived success of the Runes protocol that pushed Bitcoin fees significantly higher. Alex Dovbnya is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets.

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