JPMorgan Remains Cautious on Bitcoin as Positive Catalysts Mostly Priced-In
The catalysts that could drive the price of bitcoin (BTC) and broader cryptocurrency markets higher are mostly factored in, said banking giant JPMorgan.
Digital assets prices saw their biggest selloff since the 2022 FTX implosion earlier this week, mostly driven by contagion in traditional markets, with bitcoin falling more than 15% before rebounding somewhat, the bank's analysts wrote. The selloff in crypto was mostly driven by retail investors, while momentum traders also contributed by exiting their long positions and building shorts, the bank said.
Digital assets prices saw their biggest selloff since the 2022 FTX implosion earlier this week, mostly driven by contagion in traditional markets, with bitcoin falling more than 15% before rebounding somewhat, the bank's analysts wrote. The selloff in crypto was mostly driven by retail investors, while momentum traders also contributed by exiting their long positions and building shorts, the bank said.
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TechWhiz : They are wrong. Wirehouse Morgan stanley is just starting to wake up to btc etfs. More wirehouses will follow. These are big catalysts.
And we are not even talking about strategic reserves and sovereign wealth funds going into bitty.
Still early days....
EZ_money TechWhiz : lol JP Morgan also updated the chance we go into recession up from 25% to 35%... you challenge the biggest bank on Wall Street?
good luck
EZ_money TechWhiz : Hot tip Wizzle, JP Morgan also put a PT out on silver 50/ounce....buy the dip.
TechWhiz : ok, pal. But too bad, there is no stopping the music, jp or pj . We going to the
sooner rather than later. ... lol
102131911 : JPM's Jamie Dimon is super anti-Bitty don't believe in any shit thing JPM says about Bitty.
EZ_money TechWhiz : yeah
looks like it
103809945 EZ_money : yea and Jpm says carry trade is 75% unwound, you trust that bullshit?
EZ_money 103809945 : others are seeing recession coming also no i don't use just one source