Worst of Recent Bitcoin (BTC) Correction Largely Behind Us, Says Banking Giant JPMorgan: Report
Analysts from JPMorgan believe that Bitcoin (BTC) has limited downside following its recent correction. Here are the key points from their report:
1. Legal and regulatory news triggered a wave of selling in recent weeks, but the sell-off seems to be ending.
2. The open interest on Bitcoin futures contracts on the CME suggests that most of the selling pressure has been exhausted.
3. Market participants are waiting for a decision on a spot Bitcoin ETF and for the SEC to appeal its case against Ripple.
4. The anticipation of the SEC’s appeal has created legal uncertainty in the crypto markets.
5. At the time of writing, Bitcoin is trading at $26,001.
In conclusion, JPMorgan analysts believe that the worst of Bitcoin’s recent correction is over, and they see limited downside for crypto markets in the near term.
Hot Take
Despite the recent sell-off, JPMorgan’s report provides a positive outlook for Bitcoin and the crypto markets. With the sell-off seemingly coming to an end and the anticipation of positive regulatory decisions, it suggests that the worst may be behind us. This news will likely bring some relief to crypto investors and may contribute to a more positive sentiment in the market.
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