Bitcoin's rise again came with institutional investor: JPMorgan analysis
JPMorgan analysts evaluated Bitcoin's decline from $70,000 to $49K in a week and its rise again. Analysts stated that institutional investors did not follow risk reduction despite the declines, and below this is the confidence in Bitcoin.
The night that connected the market to Monday, the declines in the world financial markets also had a sharp impact on the cryptocurrency world. While Bitcoin fell to 49 thousand dollars on Monday morning, it later increased to around 55 thousand dollars. The rise that took place in these minutes, JPMorgan analysts commented.
'The impact of corporate investors...'
Analysts led by Nikolaos Panigirtzoglou wrote in their recent report that behind the return on Bitcoin is that institutional investors have confidence in the biggest cryptocurrency:
âThis return has come with institutional investors who have taken almost no steps towards taking risks. Transactions in Bitcoin futures positions reflected positively on prices. The fact that the premium price of Bitcoin in futures is higher than the spot price clearly shows the trust of futures investors.
What are the reasons?
According to analysts, there are several reasons behind the trust of this group of institutional investors in Bitcoin. JPMorgan analysts; Genesis and Mt. They stated that the reasons underlying this trust are largely over for Gox sales, the fact that the Morgan Stanley bank allows asset managers to propose Bitcoin spot ETFs, and that FTX will make payments in cash in the coming period.
Experts also wrote that in the elections in the US, not only Republicans, but also Democrats in the future, think they will have positive moves for the crypto space.
In the report, it was also stated that the declines were not based on cryptocurrencies, but on the contrary, they were related to the traditional financial world.
