JPMorgan’s Roller Coaster Ride with Bitcoin Miners: Adjustments, Upgrades, and Downgrades!

CleanSpark's Switch to Neutral Rating by JPMorgan Highlights Shifting Landscape in Bitcoin Mining Industry

Bitcoin miner CleanSpark changes JPMorgan’s ratings to neutral.

Image Credit: AdobeStock / Photocreo Bednarek

Hey there, digital asset investors! Get ready for a wild ride as JPMorgan, the major Wall Street investment bank, makes some exhilarating adjustments to its price targets and ratings for Bitcoin mining stocks. Hold on tight!

In response to the recent surge in Bitcoin’s price and the jaw-dropping hashrate of the Bitcoin network, JPMorgan has decided to shake things up. And boy, are their reports making headlines! CoinDesk has got the scoop on this thrilling roller coaster of changes.

With Bitcoin prices soaring by a mind-blowing 12% and the network hashrate pumping up by 2%, JPMorgan had to recalculate its numbers. They cranked up the spot BTC price used in their calculations from $38,000 to a heart-stopping $44,000! Talk about taking things to new heights.

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But that’s not all, folks! They also boosted their baseline network hashrate assumption from 475 EH/s to a sensational 485 EH/s. The Bitcoin network’s hashrate has been on a thrilling upward trend, hitting 470 EH/s at the time of publication on Monday. It’s like riding a roller coaster that only goes up!

Now, let’s dive into the upgraded assessments. JPMorgan has downgraded CleanSpark, giving it a “neutral” rating from its previous “overweight” status. And they lowered the price target on the stock to $8 from $9. Why, you may ask? Well, CleanSpark shares went on an adrenaline-fueled spree, surging over 130% in just one month! JPMorgan thinks it’s reached its fair valuation… for now.

But hold on tight, because we’re about to experience an upgrade! Riot Platforms (RIOT) is moving on up from “underweight” to “neutral.” And JPMorgan has cranked up the price target on this one too, from $8 to a thrilling $12! Now that’s what I call an electrifying ascent.

And last but not least, Iris Energy (IREN) is still the star of the show. JPMorgan maintains its “overweight” rating on this gem, emphasizing its top-notch status in the sector. They even bumped up the price target for Iris Energy to $9.50 from $9. It’s like hitting the jackpot on a roller coaster ride!

But wait, there’s more! JPMorgan has something exciting up its sleeve. Brace yourselves, because they’re optimistic about a Bitcoin ETF. In a report earlier this year, JPMorgan analyst Nikolaos Panigirtzoglou predicted that the SEC would likely approve multiple spot Bitcoin ETFs within 2023. And guess what? They warned that the SEC could face a thrilling legal battle if they decide to reject the ETFs. It’s like a showdown at the OK Corral!

In fact, Bloomberg Intelligence analysts Eric Balchunas and James Seyffart have even proclaimed a staggering 90% chance of an ETF approval by the SEC come January next year. It’s like betting on a surefire winner at the racecourse!

So, dear readers, buckle up and get ready for a wild ride with Bitcoin miners and JPMorgan. It’s a roller coaster of adjustments, upgrades, and downgrades that will keep you on the edge of your seat. Who knows what twists and turns the future holds? But one thing’s for certain: this crypto journey is anything but boring!

Now, tell me, are you ready to take this exhilarating ride with JPMorgan and Bitcoin miners, or do you prefer to watch from the sidelines? Share your thoughts in the comments below, and let’s brace ourselves for more thrills and excitement in the world of digital investments!

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