JPMorgan Sees Limited Upside for Crypto Markets

JPMorgan Sees Limited Upside for Crypto Markets p99

Home

JPMorgan Sees Limited Upside for Crypto Markets

JPMorgan Chase & Co. has warned that any upside for crypto markets from here would likely be more limited.

Basing their prediction on the relationship between stablecoins and the rest of the crypto market, the bank’s analyst explained that stable coins’ share of the total crypto market cap “no longer looks excessive.”

JPMorgan’s Crypto Outlook

In a note published last week, the global investment bank JPMorgan reportedly warned about cryptocurrency markets having limited upside.

JPMorgan sees stable coins’ share of the total cryptocurrency market value as an indicator of the potential for rallies or declines. Previously, when stablecoins accounted for almost 10% of the entire crypto market cap, JPMorgan analyst Panigirtzoglou said it “pointed to further upside for crypto markets.”

In the note issued last week, he explained: “The share of stablecoins in total crypto market cap no longer looks excessive … This share currently stands below 7% which brings it back to its trend since 2020.” The JPMorgan analyst continued:

As a result we believe that any further upside for crypto markets from here would likely be more limited.

JPMorgan Sees Limited Upside for Crypto Markets

JPMorgan Sees Limited Upside for Crypto Markets

Panigirtzoglou pointed out that the price of bitcoin (BTC) and ether (ETH) rallied in early March following financial sanctions imposed on Russia by Western countries after it invaded Ukraine.

The note describes: “These sanctions had raised expectations that cryptocurrencies will be used more extensively in the future to circumvent the traditional banking system given cryptocurrencies are not attached or depend on any government.”

However, citing the stablecoin share indicator, the JPMorgan analyst warned that the rallies seen in crypto markets might end.

In February, JPMorgan predicted that bitcoin’s long-term price would reach $150,000. In January, the bank conducted a client survey and found that most respondents expected BTC prices to come to $60,000 or more this year.

Several people have said they see a significant upside to the crypto market, unlike JPMorgan. The CEO of Defiance ETFs said she remains “completely bullish on bitcoin,” expecting the cryptocurrency’s price to reach $100,000. In addition, Mike Novogratz, the CEO of Galaxy Digital, outlined several bullish factors affecting crypto markets last week.


The work we’re doing is going to be a very complex: US Senators

TRCH Stock Trend Torchlight Energy Resources

SPRT Stock Trend Support.Com Inc (SPRT) Graph 


Follow us or bookmark us for more Celeb Bio box office collection report celebrities trailers and promos

Join us on Facebook 

Join us on Twitter

Leave a Reply

Your email address will not be published. Required fields are marked *