JPMorgan records increased demand for cryptocurrencies from retail investors
The active phase of deleveraging of the digital asset industry is also over, according to experts
22.07.2022 - 15:15
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What’s new? Representatives of JPMorgan, a financial holding company, noted an increase in demand for cryptocurrencies from retail investors. Analysts also noted that the “intense phase” of deleveraging in the industry is over. This was reported by CoinDesk, citing a JPM report. According to experts, cryptocurrency markets have started to recover in recent weeks as investors await Ethereum’s transition to the Proof-of-Stake (PoS) consensus algorithm, which is due to start on September 19.
Information on the CoinDesk website
What else does JPMorgan say? The recovery in asset prices has not been seen in the field of cryptocurrencies or futures, leading experts to conclude that demand for the assets is coming from retail investors.
Bitcoin and Ethereum have risen more than 30% and 72%, respectively, since falling to lows of $17 600 and $876 in June. As of July 22, 14:30 UTC, bitcoin is trading at $23 450, having gained 4,45% overnight, according to Binance. The price of ETH was $1596, up by 7,21%.
What is known about JPMorgan? It is one of the largest American financial holdings. Its core businesses include investments, commercial banking, asset management, and transaction processing. The holding company uses a blockchain called Link to exchange information between banks and its own JPM Coin asset to move tokenized US dollar deposits.
In early July, analysts at JPMorgan said the cryptocurrency market would soon reach the bottom, after which digital asset rates would begin to rise. They noted that bitcoin’s average cost of mining fell from $24 000 to $13 000 in July. According to experts, this could have a negative impact on the first cryptocurrency’s rate.
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