JP Morgan has reiterated its view that US$38,000 is a fair price for bitcoin, 20% higher than the digital asset’s value at press time. The investment bank’s strategist last provided the fair value estimate in February.
In a note to its clients last week, JPMorgan said it is replacing real estate with crypto assets as its preferred alternative asset class along with hedge funds. As at May 31, bitcoin is trading at US$31,669 apiece, representing a 31% decline year-to-date.
Bitcoin 1-year performance. Chart: CoinGecko
The Terra ecosystem has launched a new Luna token, labelling the first version of the coin as Terra Classics. Immediately after its launch on May 28, the new coin crashed by more than 80%.
The newly launched chain will not have a stablecoin and holders of the old Terra Classic chain will be airdropped new Luna native coins. Developers of the Terra ecosystem are planning to migrate and deploy their decentralised apps on the new blockchain. As at May 31, the new Luna token is trading at US$8.54 apiece.
See also: Digital Assets Association launches to connect tradfi and tokenised real world assets
Terra's tweet on its new chain launch
Hong Kong-based wholesale crypto financial services provider Babel Finance has achieved the unicorn status after completing its US$80 million Series B financing round, valuing it at US$2 billion. The company intends to use the proceeds to fund its global expansion, having already applied for licences in countries around the world, including the UK, Luxembourg and Hong Kong.
See also: Ex-Grab executive joins Winklevoss twins crypto firm Gemini as head of APAC
Babel Finance is one of the largest service providers to institutions in the crypto financial markets. The company limits its business to BTC, ETH and stablecoins, and serves a select clientele of about 500 customers. At the end of 2021, the firm had an outstanding loan balance of more than US$3 billion, average monthly trading volume of US$800 million in derivatives, and had structured and traded more than US$20 billion in options products.
Cover photo: Bloomberg
