Cryptocurrency Market Is Healing, Says JPMorgan Strategist

The cryptocurrency market has seen immense selling pressure since 12 May 2021. The overall market cap of digital currencies has lost nearly 50% of its value in the last six weeks. However, the latest research note from JPMorgan, one of the world’s largest investment banks, highlights the signs of healing in the cryptocurrency market.

According to a recent report published by Bloomberg citing the research note by JPMorgan strategists including Josh Younger and Veronica Mejia Bustamante, the latest stability in the Bitcoin futures market is a positive sign for the cryptocurrency market. However, the overall crypto market is not healthy as of now.

“The near-term setup is challenging. There is likely still an overhang of underwater positions which need to be cleared through the market. So, while the cryptocurrency market shows signs that it is not yet healthy, it does also appear to be beginning the process of healing,” the research note states.

Earlier this month, Nikolaos Panigirtzoglou, Managing Director, Global Market Strategy at JPMorgan, said that the institutional demand for Bitcoin is weak. During an interview with Business Insider, Panigirtzoglou mentioned that a break below $30,000 is necessary for the world’s largest cryptocurrency to attract institutional investors.

Cryptocurrency Whales

Since May 2021, the leading cryptocurrency accounts have accelerated their transfers amid market volatility. Last week, a well-known Ethereum whale account moved 81,760 ETH from a digital wallet to cryptocurrency exchange Binance. Similarly, XRP whales have also started moving the world’s 7th largest cryptocurrency from leading digital exchanges. XRP wallet transferred 26 million coins from digital exchange Binance to a crypto wallet on Thursday 24 June at 17:00 UTC. Furthermore, the Bitcoin network saw a surge in whale transactions over the last few days. According to Whale Alert, a Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term tracking and Analytics Analytics Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Analytics may be defined as the detection, analysis, and relay of consequential patterns in data. Analytics also seeks to explain or accurately reflect the relationship between data and effective decision making. In the trading space, analytics are applied in a predictive manner in an attempt to more accurately forecast the price. This predictive model of analytics generally involves the analysis of historical price patterns that are used in an attempt to determine certain price outcomes. Analyt Read this Term firm, a leading Bitcoin wallet recently moved 2,395 Bitcoin from Coinbase to a digital wallet. The total value of the mentioned transaction stands at around $79 million.