J.P. Morgan Analysts Skeptical of Crypto Rally
A recent report by The Block reveals that J.P. Morgan analysts, led by Nikolaos Panigirtzoglou, are expressing doubt about the recent surge in the cryptocurrency market. They believe that the rally might be overdone and have identified two primary factors influencing the market’s performance.
Factors Influencing Market Performance
The first factor is the anticipation of a spot bitcoin ETF approval in the U.S. The JPMorgan analysts are doubtful about this leading to a significant influx of new capital into the crypto markets. They also express skepticism about any significant easing of crypto regulations in the U.S., given the largely unregulated nature of the industry.
The second factor is the perceived defeat of the SEC in its legal cases against Ripple and Grayscale. However, JPMorgan analysts remain uncertain about any significant easing of crypto regulations in the U.S., given recent events like the FTX fraud.
Bitcoin Halving Event and JPM Coin
J.P. Morgan analysts also believe that the upcoming Bitcoin halving event in 2024 is already factored into the current bitcoin price. In addition, JPMorgan has introduced a programmable payment feature for institutional clients on its private blockchain platform, JPM Coin.
Programmable Payments Feature
This new feature allows for real-time, programmable treasury functions and innovative digital business models. It is designed for blockchain-based accounts within the JPM Coin System and enables users to set up payments through an “If-This-Then-That” interface, offering a new level of control and automation.
Hot Take: J.P. Morgan’s Perspective on Cryptocurrency
J.P. Morgan analysts have expressed skepticism about the recent surge in cryptocurrencies and identified factors influencing market performance. Additionally, they have introduced a programmable payment feature for institutional clients on their private blockchain platform, JPM Coin, marking a significant advancement in their blockchain capabilities.
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