JPMorgan sees 'limited downside' for crypto markets over the near term
The crypto markets experienced a correction and liquidations this month, but the challenging phase has likely passed, according to JPMorgan. Based on JPMorgan's analysis of CME bitcoin futures positions that serve as a proxy, the unwinding of long positions appears to be nearing its completion stage rather than being in its initial stages. "As a result, we see limited downside for crypto markets over the near term," JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a note on Thursday.
Crypto traders had built long positions on the back of recent positive news — including the XRP ruling, the launch of PayPal's stablecoin, anticipation that the United States Securities and Exchange Commission will approve spot bitcoin exchange-traded fund applications, as well as early positioning by some traders ahead of the bitcoin halving event scheduled for next year — the JPMorgan analysts said. "The fading of the above previously positive news has induced a wave of long position liquidations in recent weeks that are still reverberating," the analysts said — but "unwinding of long positions appears to be at its end phase rather than its beginning," they added.
Source
https://t.me/Bitcoin_Crypto_Coin_Calendar
