Yesterday, JPMorgan analysts shared a positive outlook for the near-term trajectory of the crypto markets. According to their analysis, Bitcoin futures data suggests there is “limited downside” for crypto markets in the near future.Last week, the market took a hit when news broke that Elon Musk’s SpaceX sold some of its bitcoin holdings and China’s real estate giant declared bankruptcy. These events triggered sharp drops in crypto prices, leading to liquidations of $1.04 billion for bitcoin futures contracts, the biggest liquidation event since the FTX collapse.As of today, Bitcoin’s future open interest, an indicator of the total number of futures and options contracts that remain unexpired, is $8.4 billion, a 27% decrease from $11.6 billion on August 17. JPMorgan analyst Nikolaos Panigirtzoglou wrote that long-position liquidations are “largely behind us.”Bitcoin’s price sits at $26,051, down 0.1% in the last 24 hours. Over the past month, the largest digital currency has seen a nearly 12% dip in value.Despite the recent dip, the outlook for Bitcoin remains optimistic for many investors. Earlier this year, Bitcoin got a wave of enthusiasm after the financial titan BlackRock applied for a Bitcoin spot ETF. Pantera, a $3.5B cryptocurrency fund, wrote this week that “if history were to repeat itself, the next halving would see bitcoin rising to $35k before the halving and $148k after.”
| Information |
Details |
| Geography |
Global |
| Countries |
|
| Sentiment |
neutral |
| Relevance Score |
8 |
| People |
Elon Musk, Nikolaos Panigirtzoglou, BlackRock, Pantera |
| Companies |
JPMorgan, SpaceX, China, FTX, BlackRock, Pantera |
| Currencies |
Bitcoin, Ethereum, USD, FTX, BTC |
| Securities |
None |
