36 C
Wednesday, October 4, 2023

JPMorgan: Crypto downside limited post-Bitcoin drop

JPMorgan’s research report suggests that the recent crypto market selloff is nearing its conclusion, with the majority of long-position liquidations already completed. The decline, triggered by diminishing positive legal and regulatory news, caused substantial selling in recent weeks.

This selling pressure is now dissipating, as indicated by the winding down of open interest in CME Bitcoin futures contracts, according to analysts like Nikolaos Panigirtzoglou.

The decline in open interest, representing unsettled and active futures contracts on exchanges, typically signifies a weakening price trend. The analysts express confidence that the downside for crypto markets in the short term is now limited.

Bitcoin, the largest cryptocurrency, is currently trading at around $25,980, experiencing a marginal 0.2% decrease.

Over the past two weeks, it has recorded a nearly 12% decline after a period of sideways trading lasting approximately a month. Earlier in the summer, Bitcoin received a boost from several developments perceived as positive for the industry.

Next Article

Related Articles

Exclusive Insights into Palm Jumeirah’s Luxury Penthouses by Renowned Realtor, Daniyal Rehmani

Palm Jumeirah's luxury penthouses are rapidly gaining the attention of high-net-worth investors worldwide. This upward trend has been keenly observed by the seasoned investment...

UAE: Millionaire in 10 years – Set your monthly savings

A recent UAE savings plan, 'My One Million,' can make you a millionaire in as little as three years. Monthly contributions and expected profits...

In the UAE, a company prioritizes green steel for decarbonization

Emirates Steel Arkan, the UAE's largest steel and building materials manufacturer, is concentrating on producing low carbon 'green steel,' particularly its ES600 sustainable steel,...

RBC boosts its U.S. unit’s finances

RBC is shoring up City National Bank's finances following a money-losing quarter caused by higher interest rates and regional banking confidence issues. RBC injected...

Fosbury and Beyond: How Jo Dsilva is Reshaping the Corporate Services Industry

In the dynamic world of corporate services, Jo Dsilva stands out not just as the founder of Fosbury but also as an astute entrepreneur...

Latest Articles