JP Morgan Deviate From Mining Cost of Production-Based Value Thesis

In their May research report, JP Morgan put forward the thesis that market price movements are driven by changes in the mining cost of production. This thesis was publicly discredited from cryptocurrency analysts who pointed out logical holes in the JP Morgan research and explained that the cost of production is driven by market prices due to difficulty adjustment. In their latest research, JP Morgan developed a more volume-driven thesis pointing to the influence from institutional trading in the futures markets.

Source: ZeroHedge