Last Updated: 19 June 2022
Good Morning! We have the latest news for you. Start the day with a bitcoin breakfast.
Fidelity’s Jurrien Timmer: ‘Bitcoin is undervalued’
Jurrien Timmer, the head of macro at Fidelity, says bitcoin is currently cheaper than it looks. By which the macro analyst means that bitcoin is currently both undervalued and oversold. Timmer writes that the price has fallen back to 2020 levels while the P/E ratio has fallen to 2017 and even 2013 levels.
Is BTC cheaper than it looks? If we consider a simple “P/E” metric for BTC to be the price/network ratio, then that ratio is back to 2017 and 2013 levels, even though BTC itself is only back to late 2020 levels. Valuation often is more important than price. /THREAD pic.twitter.com/6XMPrtRUzF
— Jurrien Timmer (@TimmerFidelity) June 15, 2022
Circle brings digital euro to market
Circle Internet Financial is coming out with a stablecoin for the euro. The American company announces that they will be issuing a full-reserve euro stablecoin. It will be called Euro Coin (EUROC) and will be launched on 30 June.
Like USDC, this digital euro is also fully regulated. It has many parallels with the USD Coin. According to the press release, EUROC is built on the same pillars of “trust, transparency, and security.”
Biggest whale buys the dip: +927 bitcoin
The largest bitcoin whale in the market has bought the dip. In the month of June, the whale bought 20.9 million dollars worth of bitcoin. This is according to data from BitInfoCharts, which tracks the largest wallets.
The address now holds over 128,000 bitcoin, more than what MicroStrategy, for example, owns. It is not an exchange address.
The pseudonymous entity behind the address added 927 bitcoin in June. The address is even said to be the largest bitcoin address after Binance and Bitfinex wallets.