ChainCatcher news, JPMorgan (JPM) stated in a report on Wednesday that Michael Saylor's software company MicroStrategy (MSTR) is not the only company making large-scale purchases of Bitcoin (BTC). Cryptocurrency mining companies are also adopting accumulation strategies.The report noted that the shift towards accumulating Bitcoin is driven by increasing profit pressures, stemming from the halving of rewards in April and rising network hash rates.Analysts wrote, "This may prompt mining companies to hoard Bitcoin or seek further investments in Bitcoin, or venture into artificial intelligence/high-performance computing businesses."

ChainCatcher news, JPMorgan upgrades the ratings of Bitcoin mining companies Cipher, CleanSpark, and MARA. JPMorgan raised the rating of Cipher Mining and CleanSpark from neutral to overweight, and upgraded MARA's rating from underweight to neutral. JPMorgan downgraded IREN's rating from overweight to neutral.JPMorgan also set a new target price of $8 for Cipher and raised its target price for CleanSpark from $10.50 to $17.JPMorgan stated that it is introducing a new sum-of-the-parts (SOTP) valuation framework for mining companies, which takes into account the company's mining operations, respective land and power portfolios, and their holding balances to reflect the Bitcoin that the company may hold on its balance sheet.

ChainCatcher news, according to Ledger Insights, ten institutions have completed a simulation trial of the Regulatory Settlement Network (RSN), exploring the use of a shared DLT network to settle tokenized transactions. In addition to the previous experiments settling tokenized commercial bank funds and tokenized central bank funds on the same network, this experiment also featured tokenized government bonds and investment-grade bonds on the shared ledger. The institutions participating in the experiment include Citibank, JPMorgan, Mastercard, Swift, TD Bank NA, Bank of America, USDF, Wells Fargo, Visa, and Zions Bancorp.The shared institutional network for tokenized assets has garnered attention for several reasons. If tokenized treasury bills are settled using central bank funds on the same ledger, then settlement risk is almost completely eliminated. Smart contracts enable automation and straight-through processing. The always-online network allows for settlements outside of working hours and batch cut-off times. This could be particularly convenient for assisting overseas clients.

ChainCatcher news, according to Jinshi reports, Bill Aigen, a bond expert at JPMorgan Asset Management, warned the market ahead of the next Federal Reserve meeting that the room for interest rate cuts may not be as large as it imagines, and central banks around the world should be cautious about cutting rates again in December.He added that this is due to some signs indicating that the U.S. economy is starting to heat up again, including strong GDP growth, slightly higher-than-expected inflation data from last month, and record stock prices. Wage, service, and housing inflation appear particularly tricky and may even rise. Housing prices remain one of the biggest drivers of inflation in October, rising 4.9% year-on-year. The Federal Reserve has cut rates by 75 basis points so far this year and may be closer to the neutral rate than it believes.

ChainCatcher news, JPMorgan stated in a research report that the expansion of leveraged MicroStrategy (MSTR) ETF size and the funds it attracts have a more pronounced impact on the company's stock and the crypto market than before. The bank noted that these ETFs played a significant role in the nearly 60% increase of the stock in November. The report mentioned that the total inflow of funds into U.S. spot Bitcoin (BTC), spot Ethereum (ETH), and leveraged MicroStrategy ETFs in November reached nearly $11 billion, setting a new record, with the leveraged MSTR ETF accounting for $3.4 billion, nearly one-third of the total.Analysts led by Nikolaos Panigirtzoglou wrote, "This highlights the growing influence of MicroStrategy's leveraged ETF in the cryptocurrency market by facilitating MicroStrategy's Bitcoin purchasing program."

ChainCatcher news, according to Jinshi reports, JPMorgan analysts stated in a report that from the perspective of investor positions, Bitcoin, the US dollar, and stocks are the most vulnerable asset classes. Positions in Bitcoin, the US dollar, and stocks appear to be increasing as investors bet that these assets will rise.In other areas, bond and credit positions are close to neutral, while commodity positions excluding gold are decreasing. "Therefore, from a positioning perspective, entering 2025, the most vulnerable asset classes are stocks, the US dollar, and Bitcoin, while the opposite is true for non-gold commodities."

ChainCatcher news, according to a report by Decrypt, JPMorgan released a research report on Monday showing that as Bitcoin's price broke through $99,500 last month, the stock prices of some publicly listed Bitcoin mining companies also significantly increased. The report noted that the market capitalization of the 14 Bitcoin mining companies tracked by JPMorgan grew by 52% month-over-month, reaching $36.2 billion. Among the best-performing companies in November, Singapore's Bitdeer saw its stock price rise by 83% during this period, reaching $14.27.Overall, last month, the stock prices of publicly listed Bitcoin mining companies rose after the U.S. elections, with Argo Blockchain being the only mining company to report a loss at the end of November, as its stock price fell by 3% during the month to $1.08 last Friday.Analysts stated that Bitcoin mining revenue has decreased by 50% since the halving event in April. Although the rewards remain relatively low, the rise in Bitcoin prices has led to an increase in mining returns in November. Based on 1 EH, the daily revenue of Bitcoin mining companies in November grew by 24% from about $42,000 in October to $52,000.

ChainCatcher news, former JPMorgan Chief Equity Strategist and co-founder and research head of FundStrat Global Advisors Tom Lee stated in an interview with CNBC, "The year-end closing price of Bitcoin will be far above $100,000."

ChainCatcher news, JPMorgan analysts expect that the Bank of Japan will raise interest rates in April and October 2025. By the end of 2025, the policy interest rate is expected to be increased to 1.0%. The Bank of Japan may raise rates twice to 1.5% in 2026. (Jin Ten)

ChainCatcher news, JPMorgan recently released a report evaluating the Department of Government Efficiency (DOGE) established by incoming President Trump, led by Elon Musk and Vivek Ramaswamy, aimed at streamlining federal operations and cutting wasteful spending.The report stated: "In terms of government efficiency, Trump is expected to push an agenda that advocates for reducing red tape. This includes the establishment of a new Department of Government Efficiency," and added: "We believe that this department will find it difficult to achieve this."JPMorgan explained the reasons why DOGE may encounter obstacles: "Ultimately, Congress controls government spending, and DOGE is outside of Congress. The department can propose all the suggestions it wants, but in the end, it is the typical 60-vote majority in Congress that decides legislative changes."The report concluded: "One of the key questions for investors in 2025 is which parts of the Trump 2.0 agenda will be emphasized and which parts will gradually fade."

ChainCatcher news, according to CoinDesk, payment giant Mastercard (MA) has integrated its blockchain-based tokenized asset transfer system Multi-Token Network (MTN) with JPMorgan's recently renamed digital asset business Kinexys (formerly known as Onyx). This collaboration aims to enhance B2B cross-border payments, "providing greater transparency and faster settlement speeds while reducing time zone friction."Tokenized foreign exchange is an attractive subset of the real-world asset trend based on blockchain, which has been firmly embraced by traditional finance as it offers an almost real-time, always-online way to avoid cross-border gaps and pain points. The two companies stated in a joint announcement that by integrating Mastercard MTN with Kinexys digital payment connectivity, MTN and Kinexys' mutual clients will be able to settle B2B transactions through a single API.

ChainCatcher news, according to CoinDesk, JPMorgan's latest research report shows that the economics of Bitcoin mining significantly improved in the first half of November. Data indicates that the hashprice, which measures mining profitability, has increased by 29% since the end of October, primarily benefiting from Bitcoin's price increase outpacing the growth in network hash rate, as well as an increase in the proportion of transaction fees to block rewards.The report points out that the total market capitalization of the mining stocks tracked by the bank grew by 33% from October 31 to November 15, approximately $8 billion. The network hash rate has increased by 2% so far this month, averaging 718 EH/s. Notably, 14 publicly listed mining companies in the U.S. currently account for about 28% of the global network hash rate, maintaining a historical high.

ChainCatcher news, according to Jinshi reports, the elected President Trump and JPMorgan Chase CEO Jamie Dimon clearly stated on Thursday that they will not work together in the government. Dimon said, "I wish the president all the best, I haven't had a boss for 25 years, and I'm not planning to have one now." It is reported that this is Dimon's first public statement since the U.S. election.About 30 minutes before Dimon's speech, Trump posted on Truth Social to clarify rumors: "I have great respect for Jamie Dimon of JPMorgan Chase, but he will not be invited to join the Trump administration, thank you Jamie for your outstanding service to our country." So far, Trump has largely filled his cabinet with his closest supporters and excluded any recently voiced criticisms.

ChainCatcher news, according to The Block, JPMorgan analysts outlined six key regulatory and market changes for the cryptocurrency industry under the Trump administration that could reshape the landscape of cryptocurrency in the U.S. under the leadership of Trump and the Republican-led Congress.JPMorgan analysts indicated that several stalled cryptocurrency bills may quickly gain approval. These bills include the "Financial Innovation and Technology for the 21st Century Act" (FIT21), which could provide much-needed regulatory clarity for the crypto industry by clearly defining the regulatory responsibilities of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).They also stated that as the regulatory framework becomes clearer, the SEC's strategy of increasing enforcement may evolve into a more collaborative approach. High-profile lawsuits against companies like Coinbase may be eased, settled, or even dismissed. Regulatory notices sent to companies like Robinhood and Uniswap could be reconsidered, thereby reducing the litigation risk for the broader crypto industry. The SEC's "Staff Accounting Bulletin No. 121" (SAB 121), which restricts banks from holding digital assets, may be repealed.Additionally, JPMorgan analysts noted that the SEC may seek to resolve lawsuits concerning unregistered securities and require the launch of futures-based ETFs for these assets before approving spot ETFs. These factors could delay the approval of new ETFs or require re-filing. Clearer regulations may increase venture capital, mergers and acquisitions, and initial public offerings in the cryptocurrency space. Although strategic Bitcoin reserves would significantly enhance Bitcoin's legitimacy and could potentially drive up its price, the likelihood of this passing is low.

ChainCatcher message, Trump stated on the social media platform Truth Social, "I have great respect for JPMorgan Chase CEO Jamie Dimon, but he will not be invited to join the Trump administration. I appreciate Jamie's outstanding contributions to our country."

ChainCatcher news, according to Jinshi reports, the JPMorgan market team believes that inflation data is more likely to show signs of warming rather than cooling. Nevertheless, they think that this week's hotter data is unlikely to derail the risk appetite tone, and investors are also unlikely to fixate on a single data point, as there is one more CPI data release before the December Federal Reserve meeting.However, the team reminds investors that Powell has shifted the Federal Reserve's focus from the labor market to weighing the dual mandate of employment and inflation. "If CPI and even retail sales data show a stronger economic growth trajectory while also stimulating inflation, then we need to pay attention to what might happen in the future."In JPMorgan's view, investors are unlikely to shift to a cautious portfolio stance until they see the overall CPI year-on-year reaching 3.5% (which is a credible threat to the Federal Reserve). They believe that the Federal Reserve will only take tightening action if the inflation rate returns to or exceeds 4%.

ChainCatcher news, Stephen Gretsky, Managing Director of JPMorgan Private Bank, stated that if Trump makes policy changes regarding taxes, deregulation, and cryptocurrency, the first two years of his second term could be "quite influential."Gretsky noted that Trump's tax cut plan is key. "If you buy stock in a company, you are clearly buying their future after-tax earnings. If the tax rate is low, stock prices will be high. I think that's what we saw last week. It's clear that both the House and the Senate are now on Trump's side, so we may see things move in that direction over the next two years." He also pointed out that "doing these things may not be as easy" after the 2026 midterm elections.

ChainCatcher news, according to Jinshi reports, strategists including Teresa Ho from JPMorgan expect that, given the liquidity situation has returned to normal after the end of October, the Federal Reserve will end quantitative tightening (QT, i.e., balance sheet reduction) in the first quarter of 2025, earlier than the previously expected completion by the end of 2024.The supply of U.S. Treasury bills and repos has both increased, and money market funds are seeking to extend to longer maturities as expectations for easing diminish, drawing more funds from the Federal Reserve's overnight reverse repurchase facility.

ChainCatcher news, according to Decrypt, JPMorgan released a report stating: "We continue to believe that a Trump victory could have a similar impact to that of 2016 in the next eight weeks or so. While Bitcoin surged and gold fell due to Trump's victory, his policies may support both before 2025, as traders attempt to hedge against currency weakness and geopolitical headwinds, both gold and Bitcoin could benefit from 'devaluation trades'."