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Rebound in Crypto Market In the Near-Term Is Likely To Be Temporary: JPMorgan

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By on July 22, 2024 Altcoin, Bitcoin, Regulations, Trading, Web3
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The post Rebound in Crypto Market In the Near-Term Is Likely To Be Temporary: JPMorgan appeared first on Coinpedia Fintech News

JP Morgan, in a research report last week said that any rebound in cryptocurrency markets in the near term is likely to be tactical and not the beginning of a new long-term bullish uptrend. This was because the price of bitcoin (BTC) is currently too high versus its production cost of $43,000, and relative to its volatility-adjusted comparison to gold, which is $53,000. It also noted that momentum in bitcoin futures has been weak in recent weeks due to BTC liquidations by creditors of Gemini, Mt. Gox creditors, and the German government.

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