JPMorgan Expects Bitcoin to Drop After Halving; New Zealand Starts Digital Cash Consultation

Is Bitcoin likely to drop further. And New Zealand looks closer at digital cash. You're watching Coin Desk daily, I'm your host, Jen Sani Bitcoin is likely to drop after the h. That's according to a report by Jp Morgan, the bank's analysis of open interest in Bitcoin futures shows that the Cryptocurrency is still considered overbought. According to its analysis, Bitcoin's price of $61,200 is above the bank's volatility adjusted comparison with gold which sets it at $45,000 and its projected production cost of $42,000 after the Ha Jp Morgan also notes that venture capital funding remains subdued despite the recent crypto market resurgence and says the biggest impact of the having will be felt by mining companies. New Zealand starts a digital cash consultation. The consultation paper asked its citizens to respond on the digital cash design, whether or not interest should be paid and if there should be holding limits. The reserve bank of New Zealand is considering a 2000 dollar holding limit which is similar to the digital Euros benchmark. The consultation paper said that digital cash could boost competition in the country's payments landscape by supporting new types of money and payment services from the private sector. Central banks around the world have been exploring, issuing their own digital currencies, otherwise known as central bank, digital currencies or CBD CS. Following the rise in popularity of crypto over the last couple of years and 12 New York jurors have begun deliberations to decide the fate of crypto trader, Avi Eisenberg. They will be deciding whether Eisenberg's October 2022 trades on mango markets which netted him 100 and $10 million were fair game or fraud. Prosecutors have argued that Eisenberg engaged in market manipulation trading large sums of mango perpetual futures contracts between himself to pump the price. Then using his newly created collateral to fool the platform into allowing him to drain 100 and $10 million in various cryptocurrencies via the platforms. Borrow function. Eisenberg faces up to 20 years in prison. That's it for Coindesk daily. Get more updates on coindesk.com and we'll see you next time.