JPMorgan analysis indicates the crypto market decline is abating with settled long positions.
Elon Musk’s Bitcoin reduction China concerns contributed to the downturn.
A recent analysis conducted by JPMorgan Chase & Co. suggests that the current decline in the cryptocurrency markets is coming to an end. The company contends that the liquidation of long positions within the crypto sphere has largely been settled, making significant drops in value less probable. Although there are still similarities in the recent patterns of the cryptocurrency markets, these trends indicate that the phase of market contraction is reaching its conclusion.
The futures contracts for Bitcoin (BTC) trading on the Chicago Mercantile Exchange (CME) show that the correction phase in the market is drawing to a close. The level of open interest, which indicates the quantity of active and unresolved futures contracts, commonly indicates the strength of a price trend. Experts like Nikolaos Panigirtzoglou have
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