The crypto markets experienced a correction and liquidations this month, but the challenging phase has likely passed, according to JPMorgan.
anticipation that the United States Securities and Exchange Commission will approve spot bitcoin exchange-traded fund applications
, as well as early positioning by some traders ahead of the bitcoin halving event scheduled for next year — the JPMorgan analysts said. The crypto markets corrected as positive news faded, with the SEC delaying its decision on spot bitcoin ETF approvals,, and Congress debating stringent regulations on stablecoins."The fading of the above previously positive news has induced a wave of long position liquidations in recent weeks that are still reverberating," the analysts said — but"unwinding of long positions appears to be at its end phase rather than its beginning," they added.
This month's crypto market correction was in line with a broader correction in risk assets, such as equities and tech stocks — which, in turn, appear to have been induced by"frothy positioning in tech, higher U.S. real yields and growth concerns about China," according to the analysts. The news related toBitcoin, the first and largest cryptocurrency in the market, currently trades at around $26,000.
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