Fun

News Feed - 2023-08-27 05:08:43

Ana Paula Pereira3 hours agoJPMorgan forecasts limited downside for crypto markets: ReportJPMorgan"s analysts consider Bitcoin"s declining open interest to be a sign that the current price trend may be weakening.1604 Total views12 Total sharesListen to article 0:00NewsJoin us on social networksThe cryptocurrency market"s recent downtrend appears to be coming to an end, as JPMorgan"s latest research suggests that most long-position liquidations have been completed.


According to a Bloomberg report, analysts for the American bank estimate that the liquidations are “largely behind us.” The prediction is based on the open interest in Bitcoin (BTC) futures contracts on the Chicago Mercantile Exchange (CME) indicating that the selling trend might soon decelerate. Open interest, which refers to active futures contracts, serves as an indicator of market sentiment and the strength of price trends.


Bitcoin"s open interest decline is seen as a sign that the current price trend could be weakening, according to analysts. “As a result, we see limited downside for crypto markets over the near term.”CME BTC Futures Open Interest. Source: CoinGlass


Crypto prices have been on the downtrend in recent weeks due to declining optimism around regulatory developments in the United States, notes the report. On Aug. 26, Bitcoin is trading close to $26,000, down 11.27% over the past 30 days, according to Cointelegraph Markets.


Positive developments in the previous months boosted Bitcoin"s price. Among them were a series of applications for the first U.S. exchange-traded funds (ETFs) linked to Bitcoin"s spot price. The list of players waiting for regulatory approval includes BlackRock, Fidelity, ARK Investments and 21Shares, as well as several other asset managers.


Ripple Labs" partial victory against the United States Securities and Exchange Commission (SEC) was another positive development. However, this optimism is gradually fading, notes the analysis, as traders await Bitcoin ETF decisions and the SEC"s appeal against Ripple brings renewed uncertainty.


The scenario contributes to a “new round of legal uncertainty” for crypto markets, making them sensitive to future developments, according to JPMorgan"s team. External market conditions also played a role in the crypto market"s decline, including the rising U.S. real yields, and concerns about China"s economic growth.


Magazine: Should you ‘orange pill’ children? The case for Bitcoin kids books# Bitcoin# Bitcoin Price# Bitcoin Futures# JPMorgan Chase# RegulationAdd reactionAdd reactionRead moreHow to track and report crypto transactions for tax purposesBitcoin gains traction in West Africa with educational driveThe future of BTC mining and the Bitcoin halving

News Feed

Gareth Jenkinson12 hours agoBitcoin to hit $100K in 2024? Canaan VP weighs up 2024 halving opportunitiesCanaan vice president Davis Hui believes a supply deficit following the next Bitcoin halving will drive its price pa
Bitcoin Hashrate Rises Despite Price Drop, Mystery Hashpower Returns
Bitcoin Hashrate Rises Despite Price Drop, Mystery Hashpower Returns Bitcoin’s hashrate has increased a great deal, even after the leading crypto asset’s price slippe
Yearnify Finance (YFY) Hidden Gem – Decentralized Finance Project, Pre-Sale Round 2 Is Now Live
Yearnify Finance (YFY) Hidden Gem - Decentralized Finance Project, Pre-Sale Round 2 Is Now Live PRESS RELEASE. Yearnify Finance is considered as one of the most
July crypto hacks total $266M, WazirX leads losses
Arijit Sarkar1 hour agoJuly crypto hacks total $266M, WazirX leads lossesJuly witnessed $266 million in cryptocurrency losses from 16 attacks, with WazirX being the largest victim of North Korean hackers.375 Total viewsL
macOS of blockchains? Solana captures 60% of new DEX volume in May
Ana Paula Pereira6 hours agomacOS of blockchains? Solana captures 60% of new DEX volume in MaySolana’s market share on decentralized exchanges rose from 0% in early 2021 to 24% in May 2024, thanks to a similar approach
Brayden Lindrea3 hours agoVoyager Digital was ‘no better than a house of cards’ — CFTC commissionerCFTC Commissioner Kristin Johnson’s comments came after separate lawsuits from the CFTC and FTC were filed agains
Tom Mitchelhill6 hours agoFTX hacker could be using SBF trial as a smokescreen: CertiKThe still-unidentified FTX hackers have started ramping up their movement of stolen funds in recent weeks, potentially using media att
South Africa Police Issue Arrest Warrant for Fraud-Accused Crypto Trader
South Africa Police Issue Arrest Warrant for Fraud-Accused Crypto Trader Reports from South Africa say the country’s police have now issued a warrant for the arrest of Sandi
$2,000 a Month: US Lawmakers Propose Basic Income for Americans to Cope With Covid-19 Economy
$2,000 a Month: US Lawmakers Propose Basic Income for Americans to Cope With Covid-19 EconomyDemocrats from the House of Representatives have introduced legislation that would pay e
China Opposes Recent US Sanctions for Chinese Firms, Criticizes ‘Long-Arm’ Jurisdiction Policies
China Opposes Recent US Sanctions for Chinese Firms, Criticizes "Long-Arm" Jurisdiction Policies The government of China protested the enactment of sanctions on a series of nationa
South Korea looks to upgrade status of crypto crime unit
Derek Andersen4 hours agoSouth Korea looks to upgrade status of crypto crime unitThe temporary unit is reportedly being transformed into a permanent department as enforcement actions rise dramatically in South Korea.966
Pakistan Banks to Use Blockchain Technology for KYC
Pakistan Banks to Use Blockchain Technology for KYC Banks in Pakistan plan to launch an electronic platform for know-your-customer procedures that will be operating on a national l