According to ChainCatcher, the market suddenly fell after the release of the employment report on Friday, and more than $220 million of cryptocurrency long positions were liquidated. Presto Research analysts Peter Chung and Min Jung said in today's report that "Bitcoin is severely undervalued, and macro factors have dominated BTC price discussions recently. The market has ignored one of the key fundamentals supporting Bitcoin's value-network security." "The computing power has reached an all-time high of 679 EH/s, making it the most secure network to date."
“If you believe this trend will continue (and the fact that spot ETFs are here means we are in a much better environment than ever before), then BTC appears to be significantly undervalued at the moment,” they added.
“It seems that the weaker-than-expected employment data is currently dominating market sentiment as a broad range of assets have fallen since the data was released on Friday,” said Lucy Hu, senior analyst at Metalpha. “We expect the cryptocurrency market to remain highly volatile ahead of the next Fed meeting.”
