JPMorgan: Bitcoin survives first serious test

Bitcoin passed its “first stress test” during the March crisis, according to JPMorgan strategists.

INIn the report, strategists indicate that over the past couple of months, bitcoin has rarely deviated from the real price indicator, and also successfully overtook almost all traditional asset classes.

According to them, the cryptocurrency market liquidity remained quite high and was “more stable” than forex, stocks and gold.

Let us remember that in March the price of BTC dropped significantly. However, Bitcoin recovered much faster than other assets. At the moment it is trading around $9,000. 

Bank representatives said:

That cryptocurrencies held back duringMarch stress indicates their longevity as an asset class. However, the BTC price movement indicates that it is still used as a tool for speculation, and not as a medium of exchange or storage.

The report also mentioned stable currencies. Strategists noted that stablecoins like Tether and USD Coin were largely unaffected by the recession. 

Let us remind you that according to the results of The Block Research, since the beginning of February, the total volume of issued stable coins has increased by 94%.

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Based on materialswww.theblockcrypto.com