Bitcoin News Today – Headlines for June 19

  • Bitcoin is up by about 30 percent since the beginning of this year
  • JP Morgan said S&P 500 could surge by 50%, and Bitcoin could benefit from this move
  • Some analysts believe the stocks might head south, and Bitcoin might follow suit

Bitcoin News Today – The past couple of months have been explosive for Bitcoin (BTC), equities, and other global markets. Back in March, a liquidation event sent the price of Bitcoin towards the $3,800 mark, a decrease of more than 50 percent. Other assets were also affected, with declines of almost 50 percent. Nevertheless, the digital currency has recovered enormously since then, recovering all the losses.

Bitcoin is currently changing hands around the $9,400 mark; it is up by about 30 percent since the beginning of this year. The FAANG stocks are up on the year, increasing as the adoption of digital technologies increases due to the pandemic.

Some are considering this to be a relief rally pioneered by the decision of central banks across the globe to print new currencies. Nevertheless, JP Morgan recently made an announcement that Bitcoin could greatly benefit from.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %
bitcoin
Bitcoin(BTC)
$0.00-0.15%

JP Morgan Predicts 50% Increase for S&P 500, Bitcoin Might Benefit Too

Recently, a prominent Bitcoin bull and CEO of a precious metal investment firm – Dan Tapiero – released a research note. The research note states that JP Morgan is predicting equities will surge by 47 percent from here. This comes after the recovery of about 40 percent from the lows in March. JP Morgan attributed its prediction to its ‘equity position metrics.’

The equity position metrics try to draw valuations of equities by looking at the size of the bond and cash ‘universe.’ What this means is that with bonds skyrocketing due to central bank buying and the amount of cash in the system surging significantly higher due to the decision of central banks, equities may be relatively undersized. A snippet of the research note states:

“With some of the previous pockets of overextension clearing, we believe than an overall favorable equity positions backdrop will re-assert itself rejuvenating the equity bull market.”

Tapiero said that this may be bullish the world’s most dominant digital currency and gold. He added that some excess cash in the reserves of investors might go into Bitcoin (BTC) and gold, rather than equities.

I See Telltale Signs of a Stock Bubble – Jeremy Grantham

Many seem not to be convinced that stocks, including Bitcoin, are ready to continue surging higher, especially due to the weakness of the economy due to the global pandemic. A prominent stock trader – Jeremy Grantham – recently said that he sees telltale signs of a stock bubble.

The Global CIO of Guggenheim Partners – Scott Minerd – also said something similar about a week earlier. He said that he sees bubble-like qualities in the equity markets. If the stock market crashes, Bitcoin might follow suit, just like in March.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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