Bitcoin Miner CleanSpark Shifts to Neutral in JPMorgan’s Ratings

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By BitcoinWiki News



Summary of Information:

1. JPMorgan has adjusted price targets and ratings for Bitcoin mining stocks in response to the surge in Bitcoin’s price and the network hashrate.
2. JPMorgan raised the spot BTC price used in its calculations to $44,000 from $38,000 and increased its baseline network hashrate assumption to 485 EH/s.
3. CleanSpark was downgraded to a “neutral” rating, while Riot Platforms saw an upgrade to “neutral” and Iris Energy maintained an “overweight” rating by JPMorgan.
4. In October, JPMorgan expressed optimism about the approval of multiple spot Bitcoin ETFs in 2023.
5. Bloomberg Intelligence analysts believe there is a 90% chance of an ETF approval by the SEC by January next year.

Summary of Article Content:

JPMorgan has adjusted its ratings and price targets for Bitcoin mining stocks in response to the recent surge in Bitcoin’s price and the network hashrate. CleanSpark was downgraded to a “neutral” rating, while Riot Platforms saw an upgrade to “neutral” and Iris Energy maintained an “overweight” rating. Additionally, JPMorgan has expressed optimism about the approval of multiple spot Bitcoin ETFs in 2023, with analysts believing there is a 90% chance of approval by the SEC by January next year.

Thought-Provoking Questions/Insights:

1. Impact of JPMorgan’s Adjustments

How might JPMorgan’s adjustments in ratings and price targets affect the future performance of Bitcoin mining stocks in the market?

2. Potential ETF Approval

What impact could the potential approval of multiple spot Bitcoin ETFs have on the cryptocurrency market and investor sentiment?

3. SEC’s Decision on ETFs

What factors might influence the SEC’s decision on approving spot Bitcoin ETFs, and how could it shape the regulatory landscape for cryptocurrency investments?


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