JPMorgan believes that the acute phase of the crypto market is over
After several months of prolonged correction, the cryptocurrency market showed a slight increase, and the global market capitalization again exceeded the $ 1 trillion mark.
After the recent upward momentum, experts at banking giant JPMorgan suggested that the extreme phase in the cryptocurrency market has weakened and it has regained signs of increased demand from retail investors.
The extreme phase of the depreciation observed in May and June, the most extreme since 2018, is apparently over," the analysts wrote.
According to the bank, cryptocurrency funds and futures markets have not yet recorded significant growth, which indicates that retail investors are stimulating the recovery.
In addition, there is an increase in the number of Ethereum and bitcoins on medium-sized wallets. At the same time, there were losses of companies such as Celsius, Three Arrows Capital and Voyager, which declared bankruptcy due to liquidity problems.
JPMorgan believes that the factors that led the company to insolvency are a thing of the past, and the deleveraging is over. The recovery in the number of ETH on the staking highlights the reduction in the share of borrowed funds.
After trying to keep the price above $20,000, bitcoin showed a significant increase, rising above $24,000 on July 20. At the moment, BTC is trading around $23,000.
https://coin-signal.com/cryptonews/jpmorgan-believes-that-the-acute-phase-of-the-crypto-market-is-over/
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