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Tuesday, July 23, 2024
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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.

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