ICYMI: VC funding to help crypto avoid a long winter post-Terra’s collapse: JP Morgan
JP Morgan analysts said in a research note on Wednesday that they see limited spillover from the Terra collapse.As long as VC funding continues to plow into the crypto markets, a long winter should be avoided, according to analysts at JP Morgan.
“Thus far there is little evidence of VC funding drying up post Terra’s collapse. Of the $25 billion VC funding [year to date], almost $4 billion came after Terra. Our best guess is the VC funding will continue and a long winter similar to 2018/2019 would be averted,” the report said. Yet if this funding dries up, a long winter could be on the cards, it noted.
While Terra's collapse did sour investor sentiment, this hasn’t spilled over into other stablecoins. The report noted the differences between types of stablecoins, explaining that each design had a different risk-profile. It noted there was a modest pressure on the algorithmic stablecoin Frax and that Neutrino USD lost its peg.The report highlighted that, according to its estimates, bitcoin may currently be undervalued.
Based on the price of bitcoin at the time of writing, which was $29,774 according to Coinbase data via TradingView, it is currently 21% below this price.
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