"Bitcoin price plunged to $88,000s on Friday, down over 4% in the past 24 hours. The cryptocurrency is trading near its seven-day low of $88,091, and about 4% below its seven-day high of $92,805. The global market capitalization for Bitcoin now stands at $1.77 trillion, with a 24-hour trading volume of $48 billion. Despite the recent drop, Wall Street bank JPMorgan remains bullish on the Bitcoin price over the long term."
"One key factor in the market is Strategy (MSTR), the largest corporate Bitcoin holder. The company owns 650,000 BTC. Its enterprise-value-to-Bitcoin-holdings ratio, known as mNAV, currently stands at 1.13. JPMorgan analysts describe this as "encouraging." A ratio above 1.0 indicates Strategy is unlikely to face forced sales of its Bitcoin. Strategy has also built a $1.44 billion U.S. dollar reserve. The reserve is designed to cover dividend payments and interest obligations for at least 12 months. The company aims to extend coverage to 24 months."
Bitcoin fell into the $88,000s, trading near a seven-day low of $88,091 and about 4% below a seven-day high of $92,805. Market capitalization is $1.77 trillion with $48 billion in 24-hour volume. JPMorgan keeps a gold-linked, volatility-adjusted six-to-twelve-month BTC target of $170,000, factoring in price and mining cost fluctuations. Strategy (MSTR) holds 650,000 BTC with an mNAV of 1.13 and a $1.44 billion U.S. dollar reserve intended to cover dividends and interest for at least 12 months. Falling hashrates and mining difficulty have pressured high-cost miners to sell, while BlackRock’s IBIT has seen six weeks of net outflows totaling over $2.8 billion.
Read at Bitcoin Magazine
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