JPMorgan points to August for rise in Bitcoin and cryptocurrencies
In the report published by banking giant JPMorgan, it was noted that the cryptocurrency market is expected to rise again in August.
In the latest report published by investment banking giant JPMorgan, it was predicted that the cryptocurrency market would rise again in August. The bank's analysts, led by Nikolaos Panigirtzoglou, are of the opinion that ongoing liquidations in the market will decrease significantly this month.
On the other hand, analysts revised their annual net flow (difference between deposited and withdrawn money) forecasts downwards, reducing it from 12 billion dollars to 8 billion dollars. The report noted that this revision was made due to the decrease in the Bitcoin reserves of the exchanges last month. JPMorgan attributes the decline in reserves to Mt. Gox's Bitcoin distributions as well as Germany's Bitcoin sales.
The agenda of the cryptocurrency market has been sales made from the wallet where German law enforcement officers keep the Bitcoins seized from operations for several weeks. The wallet in question contained 50 thousand BTC on June 19. As a result of regular sales since then, the assets in the wallet have been reduced to less than 7 thousand BTC. With Germany's sales nearly melting away, the market is now at Mt. It focuses on the impact of Gox's distributions to creditors.
Bitcoin, which experienced a rapid rise today following the inflation data that was below expectations at 3.0 percent and reached 59 thousand 650 dollars, fell in the following hours. The number one cryptocurrency finds buyers at $57,500 at 22.45 CET.
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-Uzmancoin