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U.S. bank %JPMorganChase (NYSE: $JPM ) is urging investors to be cautious with cryptocurrencies, especially %Bitcoin (CRYPTO: $BTC ), as near-term catalysts for digital assets are already priced-in.

In a note to clients, JPMorgan analysts said that the catalysts that could drive the price of Bitcoin and other crypto higher are factored in and gains from here could be hard to come by.

The note urging caution comes after cryptocurrencies saw their biggest selloff since 2022 on Aug. 5 as equity markets plunged on U.S. recession fears.

Bitcoin declined more than 15% and the selloff in crypto was mostly driven by jittery retail investors, noted JPMorgan Chase.

The analysts at JPMorgan also note that there has been little de-risking from institutional investors in the Bitcoin futures market.

Furthermore, JPMorgan said that there are few catalysts for cryptocurrencies in the near-term that are not already price-in.

Both political parties in the U.S. are touting crypto during the current presidential election campaign, which points to potentially favourable future regulations.

JPMorgan previously said that any rebound in cryptocurrency markets is likely to be short-lived as Bitcoin’s price is still too high relative to its production cost.

The bank estimates that the average production cost for mining Bitcoin is around $49,000 U.S.

The cautious statement from JPMorgan comes as Bitcoin has rallied 12% over the past 24 hours and its price climbs back to $60,000 U.S.

Bitcoin’s gain over the last day was its single biggest move higher since Feb. 28, 2022, when prices rose 14%, according to market data.

The entire crypto market is rebounding with the market capitalization of the sector rising 11% to $2.11 trillion U.S. in the last 24 hours.

The price of Bitcoin is up 37% this year and has risen 104% in the past 12 months.