JPMorgan Chase (JPM) said in a research note last week that any short-term rally in the cryptocurrency market is likely to be tactical rather than the start of a new long-term bullish trend. The bank said this is because the price of Bitcoin (BTC) is currently too high relative to its $43,000 production cost, and also too high relative to its volatility-adjusted price of gold ($53,000). As of press time, Bitcoin is trading at around $67,220. JPMorgan pointed out that the momentum of bitcoin futures has been weak in recent weeks due to the liquidation of BTC by Gemini's creditors, Mt. Gox's creditors, and the German government.