News of Elon Musk’s Bitcoin Holdings Triggered Crypto Market Correction, JPMorgan Report Says
According to a research report from JPMorgan, the correction in crypto markets during August was partly driven by Elon Musk’s announcement that SpaceX had written off some of its bitcoin holdings in the previous quarter. The report also states that the unwinding of long positions in Chicago Mercantile Exchange’s bitcoin futures seems to be nearing its end, suggesting limited downside for crypto markets in the near term. The correction in crypto markets was further influenced by broader corrections in risk assets and concerns about China’s growth. Additionally, the report highlights that the SEC’s ongoing legal battle with Ripple could create new uncertainties for the crypto markets. Overall, these factors contributed to the recent correction and may continue to impact the market in the future.
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