JPMORGAN'S NEAR-TERM CRYPTO EXPECTATIONS

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- Having already predicted that #Bitcoin’s price would fall after April’s Halving event, the banking-giant has now explained that it is using a ‘cautious’ approach toward cryptocurrency in the short term.

- According to the bank, this is owing to a lack of positive catalysts, as well as a disappointing degree of retail investor interest.

"With a lack of positive catalysts, with the retail impulse dissipating and with the three headwinds mentioned previously in our publication (elevated positioning, high bitcoin prices vs. gold and vs.

the estimated bitcoin production cost, subdued crypto VC funding) still in place, we maintain a cautious stance on crypto markets over the near term"

… wrote JPMorgan analysts.
- It further pointed out that retail investors have been heavily selling both crypto and equity assets over the past month

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- The news comes on the same day that both…
(i) Blackrock expressed its belief that pension, sovereign wealth, and endowment funds would be entering into the $BTC ETF markets.

And…
(ii) BNP Paribas, Europe’s second largest bank, revealed that it holds Blackrock’s own ETF product.

#JPMorganBitcoin #BTC #bitcoin #BullorBear #Memecoins