Presto Research: The recent market is dominated by macro factors, and BTC seems to be seriously undervalued

More than $220 million in cryptocurrency long positions were liquidated as markets suddenly fell after the release of Friday's jobs report. "Bitcoin is severely undervalued, and macro factors have dominated the price discussion of BTC recently, and the market has ignored one of the key fundamentals supporting the value of Bitcoin - network security," said Peter Chung and Min Jung, analysts at Presto Research, in today's report. "The computing power has reached an all-time high of 679 EH/s, making it the most secure network to date." They added: "If you believe that this trend will continue (in fact, the emergence of spot ETFs means that our environment is much better than ever before), then BTC currently seems to be severely undervalued." Metalpha senior analyst Lucy Hu said, "It seems that the lower-than-expected employment data is currently dominating market sentiment, as broad assets have fallen since the release of Friday's data." "We expect the cryptocurrency market to remain highly volatile until the next Fed meeting." (Coindesk)