JP Morgan Analysts Explain Why Bitcoin Price is Falling
Bitcoin has plunged by almost 9 percent after establishing its new record high near $20,000 last week. And a team of quantitative strategists at JP Morgan & Chase believes that gold is behind the flagship cryptocurrency’s corrective price move. The analysts, including Nikolas Panigirtzoglou, wrote that Bitcoin price correction lags a similar move in the […]
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JP Morgan’s analysts say that the U.S. Securities and Exchange Commission (SEC) approving a bitcoin exchange-traded fund (ETF) is likely negative for bitcoin in the near term. There is optimism around the prospect of the SEC approving a bitcoin ETF under new leadership, the analysts say. SEC Approving Bitcoin ETF Could Be Negative JP Morgan published a report on Friday that discusses the impact of an SEC-approved bitcoin ETF on the bitcoin market. “Optimism around the prospect of the SEC approving a bitcoin ETF in the US this year has risen in anticipation of SEC leadership....
After bitcoin's price hit its previous all-time high in 2017, it fell. Analysts explain why the latest rally will be different.
In their “Flows & Liquidity” report, JP Morgan analysts say institutions are piling into bitcoin at a stronger pace this quarter than they were in Q3 and may have a bigger role in price movement than quantitative traders.
ETH dropped below a key support in its USD and BTC pair, but analysts say a bullish trading pattern could eventually spark a sharp trend reversal. The cryptocurrency market was hit with another round of selling on May 26 as Bitcoin (BTC) price dropped to $28,000 and Ether (ETH) briefly fell under $1,800. The ETH/BTC pair also dropped below what traders deem to be an important ascending trendline, a move that traders say could result in Ether price correcting to new lows.ETH/USDT 1-day chart. Source: TradingViewHere’s a rundown of what several analysts in the market are saying about the....
Why Bitcoin is Falling. The Bitcoin price has taken a heavy hit today. Without any real big events that can explain the sudden Bitcoin-price drop of more than 15%, we will still try and give you a few pointers that may have caused the shift. The Bitcoin value rose from being stable around 150 USD per Bitcoin this summer, to more than 1200 USD per Bitcoin within just a few months. The largest increase happened during October and November. This "pump" or "hype" (I would rather see a more sustainable price growth - not a hockey stick) was mainly caused by BTC China and the expanding interest....