Kryptodata

  • Market Cap: $2,082,075,253,302.78
  • 24h Vol: $59,651,987,710.80
  • BTC Dominance: 48.68%
Report: JPMorgan predicts minimal decline in crypto markets

Report: JPMorgan predicts minimal decline in crypto markets

JPMorgan’s analysts suggest that the declining open interest in Bitcoin futures contracts on the CME could indicate a weakening price trend. They believe that most long-position liquidations have already occurred, indicating that the selling trend may soon slow down. This prediction leads them to believe that there is limited downside for the crypto markets in the near term. The recent downtrend in cryptocurrency prices has been attributed to declining optimism around regulatory developments in the US. Positive developments, such as applications for Bitcoin ETFs and Ripple Labs’ partial victory against the SEC, had previously boosted Bitcoin’s price, but this optimism is fading as traders await ETF decisions and the SEC’s appeal against Ripple. The crypto market’s decline has also been influenced by external factors such as rising US real yields and concerns about China’s economic growth.

Summary:

– JPMorgan analysts believe that Bitcoin’s declining open interest suggests a weakening price trend.

– Most long-position liquidations are believed to have already occurred.

– The recent downtrend in cryptocurrency prices is attributed to declining optimism around regulatory developments in the US.

– Positive developments, such as Bitcoin ETF applications and Ripple Labs’ victory against the SEC, had previously boosted Bitcoin’s price.

– Traders are now awaiting ETF decisions and the SEC’s appeal against Ripple, leading to renewed uncertainty.

– External factors, including rising US real yields and concerns about China’s economic growth, have also contributed to the crypto market’s decline.

You have not selected any currency to display