JPMorgan: Recent weakness in Bitcoin mining stocks provides investors with a strong entry point

BlockBeats news, on April 17, JPMorgan Chase said that the recent weakness of mining stocks before the Bitcoin halving provides investors with an attractive entry point. According to a research report on Tuesday, the total market value of 14 U.S.-listed Bitcoin mining companies tracked by the bank fell 28% to $14.2 billion from March 31 to April 15. All stocks performed poorly, all fell at least 20%. Bitcoin has risen 43% this year and 130% in the past six months because "the typical post-halving rally seems to have been pulled in advance." The bank said they are particularly optimistic about Riot Platforms (RIOT) and Iris Energy (IREN) because these stocks offer attractive relative valuations. "As the Bitcoin halving approaches, volatility and trading volume of Bitcoin and mining stocks are expected to increase." In the first two weeks of April, mining profitability was low because "network computing power growth exceeded the increase in Bitcoin prices."