JPMorgan Says Bitcoin Halving and Ethereum Upgrade 'Are Largely Priced In' JPMorgan Chase has discussed three main catalysts driving crypto prices over the coming months. The global investment bankās analysts believe that the Bitcoin halving event and the next major upgrade of the Ethereum network are largely priced in.
JPMorgan on Catalysts Affecting Crypto Prices Global investment bank JPMorgan Chase has provided its insights into three key catalysts it believes will drive cryptocurrency prices in the coming months. The firm also pointed to a resurgence of retail investor interest in crypto as the driver behind the recent surge in popular cryptocurrencies like bitcoin (BTC) and ether (ETH).
The JPMorgan team, led by global market strategist Nikolaos Panigirtzoglou, explained that on-chain data, adjusted for new spot bitcoin exchange-traded funds (ETFs), shows retail investor activity (small wallets) significantly outpacing institutional flows.
āThe revival of the retail impulse in February perhaps reflects the anticipation of three main crypto catalysts over the coming months: the Bitcoin halving event, the next major upgrade of the Ethereum network, and the prospect of approval of spot ethereum ETFs by the SEC in May,ā the JPMorgan strategists wrote, adding: The U.S. Securities and Exchange Commission (SEC) is expected to make a decision on whether to approve a spot ethereum ETF in May. However, SEC Chairman Gary Ganser has consistently refrained from explicitly stating that ether isnāt as security, leading to skepticism of spot ethereum ETF approval. However, some believe that the securities regulator will approve spot ethereum ETFs in May, including Standard Charter Bank. The JPMorgan analysts further pointed to recent reports from Block Inc., Paypal Inc., and Robinhood Markets Inc. . #Write2Earnā¬ #BTC
What Spot Bitcoin ETFs in Canada Say About the U.S. Crypto Prices CoinDesk 20 Index
Opinion What Spot Bitcoin ETFs in Canada Say About the U.S. Competitive price pressures drive markets, whether these traditional investment products are in Canada or the U.S., Reza Akhlaghi writes. Canada has unveiled new bank-capital plans for crypto (Pixabay) Canada has unveiled new bank-capital plans for crypto (Pixabay)
By Reza Akhlaghi AccessTimeIconFeb 27, 2024 at 3:37 a.m.Updated Feb 27, 2024 at 3:39 a.m. On Jan. 10, the U.S. Securities and Exchange Commission (SEC) ended the years-long wait for spot bitcoin exchange-traded funds (ETFs). The approval, an important phase in the maturation of Bitcoin, opened the door for millions of Americans to invest in the incumbent digital currency, whose value grew by more than 160% in 2023. Reza Akhlaghi is a digital marketing and Web3 consultant based in Toronto, Canada. Futures-based crypto ETFs have been available to U.S. investors since October 2021, but unlike spot ETFs, they are not tied directly to the asset and have no requirements for custody. In other words, if spot ETFs are successful, it means there will be a lot more bitcoin buying pressure.
In addition to institutional and retail buyers, there are private bankers, investment advisers, wealth managers and robo-advisers adding to the dynamics of the spot bitcoin ETF. These investment managers now have access to a crypto product that is liquid, safe, and does not require custodianship or reporting. Investors rely on the ETF issuer to accurately track the performance of the underlying asset. As of last week, at least $7.7 billion has flowed into the 10 live spot bitcoin ETFs in the U.S., a figure that Sylvester Flood, senior product manager for Morningstar, called a ābig success.ā It isnāt yet clear whether this pace of adoption will continue ā and so it might make sense to look at markets where ETFs have traded for years. #Write2Earnā¬ #BTC
Following sizable gains during the U.S. day on Monday, bitcoin (BTC) pushed through several additional round number milestones during early Tuesday morning Asia hours, the price topping $57,000 for the first time since November 2021. At press time, bitcoin had pulled back a hair to $56,500, still ahead more than 9% over the past 24 hours. The broader CoinDesk 20 Index (CD20) was ahead 8.9% over the same time frame. The rally began Monday morning in the U.S., with bitcoin taking out $53,000, also for the first time since November 2021. The price rose above $54,000 later in the day. During the U.S. evening/early Asia morning, things got very active again, with bitcoin taking out the $55,000, $56,000 and $57,000 levels in the space of a few minutes. The move higher in bitcoin earlier Monday spurred sizable activity in the U.S.-based spot bitcoin ETFs, with the group (ex-Grayscale's GBTC) posting a record-high $2.4 billion in trading volume on Monday, according to Bloomberg. As for GBTC, it saw its smallest one-day outflow of bitcoin since the Jan. 11 launch of the spot ETFs, the fund shedding just 921 tokens. #Write2Earnā¬ #BTC
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TOP GAINER ANALYSIS: $ARDR āāāāāāā The price surged significantly following the breakout from the descending triangle pattern. We've identified the next key horizontal resistance level, which is an important point to watch.
A retest of the breakout level can serve as a bullish confirmation, indicating strength in the upward move. Conversely, if the price is rejected at this level, it may lead to a retest of the triangle's support, potentially signaling a return to the previous range. āāāāāāā
BINANCE F...! Top Gainers 1. BLURUSDT: +9.5% 2. KEYUSDT: +5.5% Top Losers 1. LOOMUSDT: -40% 2. BIGTIMEUSDT: -27%
LARGEST VOLUME (24h) 1. BTC/USDT ($13871m) 2. ETH/USDT ($4789m)
DAILY OUTLOOK VIB, OAX, and BURGER currently hold significant influence in the market. BTC appears to be exhibiting strength and gathering momentum, particularly within its impulsive waves. It's important to note that the performance of Bitcoin often sets the tone for the broader cryptocurrency landscape, and alts typically tend to follow in its wake. A critical level to watch for BTC is the $30,000 mark, as a successful breach of this threshold could signal the onset of a robust bullish rally within the cryptocurrency market. āāāāāāā #moon #fantom #bnbgreenfield #bnbburn #etf
VIP MARKET UPDATE: $SOL āāāāāāā The price pattern is currently exhibiting an ascending triangle, which was previously disrupted by a false breakout. Presently, the asset is making another attempt to breach the boundaries of this triangle.
A breakout retest, if successful, would be seen as a positive sign for a bullish trend. Conversely, if the retest is rejected, it could lead to another evaluation of the ascending trendline. āāāāāāā - Binance KillersĀ®