🚨ALERT🚨
#WallStreet giant JPMorgan sees "limited downside" for #criptomercados in the near term
Crypto markets experienced a correction and sell-offs this month, but the challenging phase has likely passed, according to JPMorgan.
According to JPMorgan's analysis of CME's #bitcoin futures positions that serve as an indicator, the liquidation of long positions appears to be nearing its completion stage rather than in its early stages. “As a result, we see limited downside for crypto markets in the near term,” JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a note on Thursday.
#criptomonedas Traders had built long positions thanks to recent positive news, including ruling #XRP , the launch of PayPal's stablecoin, anticipation that the U.S. Securities and Exchange Commission will approve applications for bitcoin exchange-traded funds. spot, as well as early positioning by some traders ahead of the bitcoin halving event scheduled for next year, JPMorgan analysts said.
Crypto markets corrected as positive news faded, with the SEC delaying its decision on bitcoin ETF spot approvals, the agency hoping to appeal the XRP ruling, and Congress debating strict regulations on stablecoins. "The fading of previously positive news has induced a wave of long liquidation in recent weeks that is still echoing," the analysts said, but "long liquidation appears to be in its final phase rather than its beginning," they said. aggregate.
