Several experts at JPMorgan Chase analyzed the current price of Bitcoin compared to other commodities, and noted that the asset could see selling pressure in the future.
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„JPMorgan’s strategists said they calculated an intrinsic value by effectively treating Bitcoin Era software as a commodity and considering the marginal cost of production,“ according to an Oct. 14 article by Indian media, BloombergQuint, an associate entity involving Bloomberg and Quintillion Media. The article added:
„Bitcoin is facing a modest ‚headwind‘ in the short term based on an analysis of betting in the futures market and an estimate of the intrinsic value of cryptomoney, according to JPMorgan Chase & Co.
Bitcoin futures prices are often quoted slightly above or below the prevailing market price for the asset, also known as its spot price. Futures prices tend to move closer to spot prices as contracts approach their expiration dates. Futures prices above the spot price may indicate an upward trend, while prices below the spot price may suggest a downward trend.
JPMorgan specialists said that Bitcoin’s bullish positions outperform its bearish ones, according to one futures-based indicator. The strategists also mentioned an increase in buying pressure resulting from the recent trend of conventional finance giants entering Bitcoin; Paul Tudor Jones, MicroStrategy and Square have all bought large amounts of Bitcoin this 2020.
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Bitcoin has gained great notoriety as a commodity in recent years among traditional audiences, with participants commonly referring to cryptoactive as digital gold. The fact that traditional analysts have begun to consider Bitcoin as a commodity could indicate the continuation of the asset’s trajectory toward mass adoption.
Trezor launches a wallet that is supposed to be „phishing-proof
The desktop application apparently provides „stronger protection“ than Trezor’s web browser-based wallet.
The crypto wallet provider, Trezor, launched a new desktop application called „Trezor Suite“ for its hardware wallet.
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According to an October 14 blog post, Trezor’s parent company, Satoshi Labs, said its desktop application offers „stronger protection“ than its browser-based wallet, and said they eliminated the risk of phishing attacks that often target crypto-currency users.
„People have a right to privacy and online security, but few know how to achieve it,“ the Trezor publication said. „Using Trezor Suite should help everyone get the most out of Bitcoin more easily and open the door to a more privacy-aware, crypto-competent, and self-serving society.
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Hardware wallets, despite being commonly used as a cold storage method, are not safe from data violations. In January, Kraken Security Labs revealed that hackers could extract the private keys from a Trezor hardware wallet with only 15 minutes of physical access to the device.
There has always been fierce competition between the leading providers of crypto wallets, with data security often at the forefront. Cointelegraph reported in September that hackers had been attacking users of Electrum, a hot Bitcoin wallet, with phishing scams that resulted in the loss of millions of dollars. Ledger, another hardware portfolio provider, confirmed a data breach in June that compromised more than one million email addresses of its users.
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Trezor pointed out that his desktop application will be in its public beta phase until January, when his old Trezor wallet for browsers will be obsolete.