Bitcoin's Outperformance Means Some of Expected Post-Halving Rally May Have Come Early: JPMorgan [Yahoo! Finance]
JP Morgan Chase & Co. (JPM)
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Source: Yahoo! Finance
Bitcoin's outperformance may mean that part of the typical post-halving rally has been pulled forward, the report said. Recent weakness in mining stocks ahead of the bitcoin {{BTC}} halving offers an attractive entry point for investors, JPMorgan (JPM) said in a research report on Tuesday. The total market cap of the 14 U.S.-listed bitcoin miners tracked by the bank fell 28%, or $5.8 billion, to $14.2 billion, from March 31 to April 15, the report said. All of the stocks underperformed bitcoin and all lost at least 20%. The report noted that bitcoin has gained 43% year-to-date and 130% in the last six months, as it “appears a portion of the typical post-halving rally was pulled forward.” The quadrennial reward halving slows the rate of growth in bitcoin supply and is expected to occur around April 19-20 The bank said it is especially bullish on overweight-rated Riot Platforms (RIOT) and Iris Energy (IREN) as these stocks offer attractive relative valuations. “With the bit
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