Golden Finance reported that JPMorgan analysts said in a report that most of the positive catalysts that could drive up the price of Bitcoin and the broader cryptocurrency market have been priced in, including Morgan Stanley Wealth Advisors offering crypto ETFs to its clients, the upcoming end of Mt. Gox repayments, and both parties in the United States pointing to favorable regulation. The bank said that these positive catalysts seem to have been reflected in the current price of digital assets. "Due to limited de-risking in the Chicago Mercantile Exchange Bitcoin futures field, the stock market remains fragile... Despite the recent adjustments, we remain cautious about the cryptocurrency market." The bank said that any rebound in the crypto market in the short term is likely to be short-lived because the price of Bitcoin is still too high relative to its production cost and gold. The bank's analysts currently estimate that the average production cost of Bitcoin mining is about $49,000, and any price movement below this level will put pressure on miners, further suppressing BTC prices.