In this conversation, J.P. Morgan Research analysts Josh Younger, Mika Inkinen and Henry St John discuss cryptocurrency price action amidst recent market volatility, contrast liquidity conditions with major asset classes, and discuss various considerations for intrinsic value.

This podcast was recorded on June 17, 2020.

This communication is provided for information purposes only. Institutional clients can read the related report at https://www.jpmm.com/research/content/GPS-3399002-0 for more information; please visit www.jpmm.com/research/disclosures for important disclosures. A version of this podcast was previously disseminated to institutional clients with the title “Cryptocurrency takes its first stress test: June 17, 2020” © 2020 JPMorgan Chase & Co. All rights reserved.