The world’s leading financial institution JPMorgan has shared a research report on the cryptocurrency market. Experts commented on the current situation and future of the Bitcoin and altcoin market.
Analysts who prepared the JPMorgan report do not expect another big wave of sales in the cryptocurrency market. According to experts, giant red candles for Bitcoin are behind.
“We are approaching the end of the selling wave in the crypto markets. Long transaction liquidations in the futures markets are largely behind.”
Futures Market Detail!
According to JPMorgan’s research, the shift in Bitcoin futures trading is of great importance. Stating that the interest in the futures markets has decreased, experts emphasized that this situation is important for the stability of the spot market. Analysts gave the following words about the situation in question:
“The number of active futures contracts traded on exchanges is declining. This decline indicates increased interest in Bitcoin from the spot market and a slowdown in the recent bear trend.”
What About Bitcoin ETF Applications?
JPMorgan analyst Nikolaos Panigirtzoglou commented that there is no major obstacle for the BTC and altcoin market to rise again. Panigirtzoglou stated that there may be the most “limited downside” for cryptocurrencies from now on.
After this comment, the cryptocurrency expert expressed his opinion on spot Bitcoin ETF applications. Panigirtzoglou thinks that the status of spot ETF applications will not affect the market much. The SEC may continue to hear applications that it has already postponed.
The leading cryptocurrency $BTC currently finds buyers with a tag of $ 25,950.
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