📉📊 Bloomberg News analysis unfolds: Bitcoin's weekly returns, since last November, now mirror the lowest levels witnessed in the same period a year ago. Investor sentiment in high-risk assets has frozen, accentuated by a multi-year high in the 10-year US Treasury bond yield. Over the past week, Bitcoin has dipped over 10%, marking a two-month low. Ethereum and Ripple also followed suit, reflecting an impacting trend. The anticipation rests on Fed Chairman Jerome Powell's address at the Jackson Hole meeting, with hopes for a dovish signal. Yet, IG Australia's Tony Sycamore predicts otherwise, suggesting that dovish expectations might be disappointed. 📈🏦 #BitcoinMarketUpdate #BloombergAnalysis #CryptoWorldInsights

🏦 JPMorgan: GBTC Sell-Off "Behind Us"

JPMorgan suggests that the sell-off in Grayscale Bitcoin Trust (GBTC) is likely in the rearview mirror. The analysts, led by market strategy managing director Nikolaos Panigirtzoglou, stated in a Jan. 25 report that "GBTC profit-taking has largely happened already." This implies that the significant downward pressure on Bitcoin resulting from GBTC sell-offs should be mostly behind us.

This analysis sheds light on the evolving dynamics in the cryptocurrency market and the potential stabilization of Bitcoin amid changing investor sentiments. Stay tuned for further insights as the market continues to adapt. 📉🏦

#JPMorgan #GBTC #BitcoinMarketUpdate