• JPMorgan says Bitcoin is undervalued by $68K and now more attractive than gold.
• BTC slips below $101K as job cuts, weak stocks, and ETF outflows weigh on sentiment.
• Fed rate cut odds rise to 69%, but uncertainty keeps Bitcoin near key $100K level.

Bitcoin wavered below $101,000 on Thursday, slipping 2.4% as risk assets broadly declined.

The world’s largest cryptocurrency mirrored weakness in US equities, with both the S&P 500 and Nasdaq 100 moving lower amid renewed concerns over the economy and labor market.

Fresh data from employment firm Challenger, Gray & Christmas, revealed more than 153,000 job cuts in October, which is the highest for that month since 2003.

“October’s pace of job cutting was much higher than average for the month,” said Andy Challenger, the firm’s chief revenue officer.

The latest figures added to investor unease, particularly as the ongoing US government shutdown has delayed official employment reports. Analysts suggested the grim data could pressure the Federal Reserve to deliver more rate cuts to support the economy.

“The economy may need more interest-rate cuts from the Federal Reserve,” trading analysis firm The Kobeissi Letter wrote on X, calling the current environment “a new era of monetary policy.”

However, not all market observers are convinced the Fed will move again in December.

Singapore-based trading firm QCP Capital cautioned that a rate cut at the upcoming meeting is “not guaranteed,” noting that markets are pricing only 60–65% odds of a follow-up move.

According to CME Group’s FedWatch Tool, investors currently assign a 69% probability to a 0.25% reduction in December.

A prolonged policy pause, QCP added, could keep the US dollar firm and credit conditions tight — factors that typically weigh on Bitcoin and other risk-sensitive assets.

Institutional outflows pressure Bitcoin sentiment

Beyond macroeconomic concerns, Bitcoin also faces headwinds from waning institutional demand.

QCP Capital pointed to continued outflows from US spot Bitcoin exchange-traded funds (ETFs), which have totaled nearly $900 million over the first three days of the week.

The firm described the $100,000 price level as a key “psychological threshold,” suggesting that any stabilization in ETF flows could quickly shift sentiment — provided no new macro shocks emerge.

Market participants have maintained a cautious tone, with many traders eyeing a potential retracement toward the open “gap” in CME Group’s Bitcoin futures near $92,000 as a possible support level.

Despite the short-term weakness, analysts at JPMorgan see a longer-term opportunity in the recent decline.

JPMorgan says Bitcoin now undervalued relative to gold

In a note quoted by MarketWatch, JPMorgan analyst Nikolaos Panigirtzoglou and his team argued that Bitcoin is now more attractive than gold following its latest pullback.

The bank’s research suggested that the cryptocurrency had previously been “$36,000 too high compared with gold” at the end of last year but is now “around $68,000 too low.”

The shift marks a notable change in tone from the investment bank, which has historically viewed Bitcoin as a speculative asset.

The analysts indicated that Bitcoin’s relative undervaluation could make it appealing to investors seeking alternatives to traditional safe-haven assets.

While institutional outflows have dampened momentum in recent weeks, JPMorgan’s assessment provides a bullish counterpoint, highlighting that the cryptocurrency may have entered oversold territory compared with its long-term benchmarks.

As Bitcoin continues to trade around the $100,000 mark, market participants will be watching whether renewed institutional interest or dovish shifts in monetary policy can reignite the cryptocurrency’s rally in the weeks ahead.

• Morpho faced a brief outage on Nov. 6, hitting indexers, backend systems, and the app UI.
• Core lending/borrowing stayed online, but users struggled to load dashboards and live data.
• Backend and indexers are restored, though frontend rendering remains impaired.

As bears thrive amid broader market indecisiveness, decentralized lending protocol Morpho suffered a momentary service disruption today, November 6.

According to the project’s status page, the event impacted backed systems, indexer performance, and application rendering, blocking user access to key features.

While the outage didn’t suspend crucial borrowing and lending activity, Morpho users are facing challenges when viewing real-time data and loading dashboards.

The team acted quickly to solve indexer and backend issues, but front-end rendering, which supports the user interface, remains down.

Rendering still impaired after backend restoration

Morpho developers stabilized address indexer delays and the backend system within hours after the incident.

These two components are crucial in managing transaction data and feeding it into application layers.

Nonetheless, the frontend rendering, responsible for showcasing protocol metrics and user data, continues to face outages.

Users are either encountering blank pages or outdated info when navigating their lending positions.

Most importantly, the incident didn’t impact funding or pending lending operations.

It is an infrastructural issue not linked to security or smart contracts.

About Morpho – an advanced DeFi platform

Morpho Network establishes itself as a reliable, open, and efficient protocol that enables users to borrow assets or earn yield smoothly.

Lenders can leverage the platform’s user-friendly, non-custodial vaults that optimize yield for depositors (automatically).

On the other side, borrowers can access liquidity through Morpho Markets, where they can borrow assets without third parties.

Furthermore, Morpho’s permissionless and flexible model permits businesses and developers to curate special vaults, build dApps using the protocol’s core architecture, and create advanced markets.

The openness has increased Morpho’s appeal in the DeFi lending landscape.

Recently, Morpho Vaults version 2 launched on Ethereum “to power the future of asset curation.”

The 1→100 moment for vaults is here.

Morpho Vaults V2 is a new open-source standard designed to power the future of asset curation.

Live now on @ethereum and soon onchain everywhere. pic.twitter.com/JD9bA8kIZr

— Morpho 🦋 (@MorphoLabs) September 29, 2025

Meanwhile, Morpho’s growing developer ecosystem and interconnected design mean technical glitches on the frontend can ripple across liquidity providers, integrated applications, and users.

Morpho connects with leading liquidity platforms like Compound, Aave, and the recently hacked Balancer, matching borrowers and lenders directly to improve yield.

Morpho Network operates in a high-stakes atmosphere where uptime and reliability are vital.

Even temporary frontend issues can frustrate borrowers and liquidity providers who rely on consistent visibility.

Nevertheless, the swift move to restore the backend demonstrates the team’s dedication to user-friendliness and accountability.

MORPHO price outlook

The native coin stayed relatively calm in the past 24 hours. It gained a mere o.7% to trade at $1.65.

Meanwhile, the 45% slump in daily trading volume indicates reduced interest from traders in MORPHO, likely due to broader market uncertainty.