jpmorgan

obserwowałem ten start Fogo. wszyscy nazywają to "najszybszym L1" z czasami bloków 40 ms. imponujące liczby. ale szczerze? zastanawia mnie, czy rozwiązujemy prawdziwy problem, czy po prostu pokazujemy technologię.

oto co jest interesujące:
Fogo nie jest kolejnym uniwersalnym łańcuchem. budują go specjalnie w jednym celu: aby handel na łańcuchu przypominał centralizowaną giełdę.
używają SVM Solany, ale zoptymalizowanego pod kątem prędkości. Klient Firedancer, wielo-lokalny konsensus z walidatorami skupionymi geograficznie, aby skrócić opóźnienia do mikrosekund, wbudowane oracle Pyth dla cen w czasie rzeczywistym.

$BTC $ZEC $DUSK O **JPMorgan** przechodzi ważną transformację w swojej strategii aktywów cyfrowych. **Naveen Mallela**, który przez ponad dekadę współkierował jednostką blockchain **Kinexys**, opuścił stanowisko. Jego odejście oznacza koniec cyklu, ale także otwiera przestrzeń dla nowych kierunków w największej instytucji finansowej w USA.

📊 **Status rynku i Kinexys:**
- Kinexys przetwarza około **US$5 miliardów w transakcjach dziennie**.
- Ponad **US$900 miliardów w tokenizowanych papierach wartościowych** zostało już zlikwidowanych na platformie.

JPMorgan estimates that the average production cost of Bitcoin — long viewed as a “soft floor” for price support — has declined to approximately $77,000, down from around $90,000 earlier this year. The adjustment reflects a recent drop in network hashrate and mining difficulty.
In a new research note, analysts led by Nikolaos Panigirtzoglou argue that the decline in mining difficulty is likely temporary and may reverse in the coming adjustment cycles.
Mining Difficulty Drops, But Not a Structural Collapse
Bitcoin’s mining difficulty has fallen roughly 15% year-to-date, marking the sharpest cumulative decline since the aftermath of China’s 2021 mining ban. That earlier episode saw difficulty plunge nearly 45% between May and July before recovering later in the year.
Mining difficulty adjusts approximately every two weeks to maintain Bitcoin’s average 10-minute block time. When hashrate declines — meaning fewer machines are competing to mine blocks — the protocol automatically lowers difficulty to rebalance the network.
According to JPMorgan, two main factors drove the recent drop:
Price Weakness: Lower Bitcoin prices earlier this year compressed miner margins, especially for operators with high electricity costs or older hardware. Some were forced to shut down operations.
Weather Disruptions: Severe winter storms in parts of the United States, particularly Texas, temporarily constrained electricity supply. Several large mining facilities reportedly scaled back operations to stabilize grid demand.
However, early data suggests that hashrate is beginning to recover. If that trend continues, mining difficulty — and therefore production costs — could rise again in upcoming adjustments.
Miner Capitulation Nearing Completion?
Historically, sharp difficulty reductions often coincide with periods of “miner capitulation,” when higher-cost operators are forced to liquidate Bitcoin holdings to cover expenses.
JPMorgan notes that some higher-cost miners in the current cycle have indeed sold BTC reserves to fund operations, restructure debt, or pivot into adjacent sectors such as AI infrastructure. This additional supply may have contributed to price pressure earlier in the year.
However, the bank believes that much of this forced selling phase is nearing completion. As inefficient miners exit, the remaining operators benefit from reduced competition.
With lower difficulty:
Each unit of hashpower has a higher probability of earning block rewards.
Margins improve for efficient miners.
Market share consolidates among lower-cost producers.
This dynamic can help stabilize the production cost floor and prevent a prolonged downward spiral.
Production Cost as a “Soft Floor”
Bitcoin’s production cost is not a guaranteed price floor, but historically it has acted as a key reference point for long-term valuation.
When prices fall significantly below production cost, miner stress intensifies. When prices remain above it, mining activity tends to expand.
At approximately $77,000, JPMorgan sees the current production cost as a meaningful support zone, assuming network conditions normalize and hashrate recovery continues.
Constructive Outlook for 2026
Beyond mining dynamics, JPMorgan maintains a broadly constructive stance on the crypto market in 2026.
The bank expects capital inflows into digital assets to continue rising, driven primarily by institutional investors rather than retail participants or corporate treasury buyers.
Potential catalysts include:
Additional U.S. regulatory clarity for digital assets
Expanded institutional infrastructure
Growing acceptance of crypto as a portfolio allocation tool
JPMorgan also reiterated its long-term Bitcoin price target of $266,000, based on a volatility-adjusted comparison with gold. The framework assumes that as negative sentiment reverses, Bitcoin could increasingly be perceived as a hedge against systemic risk, similar to gold.
While short-term volatility remains elevated, the bank’s analysis suggests structural forces supporting Bitcoin may strengthen over time as weaker participants exit and institutional participation deepens.
This article is for informational purposes only and does not constitute financial or investment advice. Readers should conduct independent research and carefully assess risks before making any financial decisions.
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Bank JP Morgan przewiduje, że przepływy kryptowalut w 2026 roku przekroczą rekordowy poziom 130 miliardów dolarów zarejestrowany w 2025 roku.
Analitycy uważają, że koszt produkcji bitcoina wynoszący 77 tysięcy dolarów stanowi dolną granicę ceny w średnim okresie.
Wartość rynkowa spadła do 2,3 biliona dolarów po ogromnych likwidacjach, które miały miejsce w październiku.