JPMorgan, the World’s Leading Investment Bank, States that the Crypto Market Has Reached Its Final Stage of Decline.

While JPMorgan is considered one of the largest investment banks in the world, it has announced that the decline in the crypto market has most likely reached its final stage. Based on its research on Bitcoin futures positions on the Chicago Derivatives Exchange CME, the bank stated that the liquidation of long positions is now approaching its final stages. “Therefore, we expect a limited decline in crypto markets in the near future,” the bank’s report stated.

Cryptocurrency investors had opened significant long positions following positive developments such as BlackRock’s ETF application, Ripple’s partial victory in the XRP case, and PayPal’s stable coin issuance. Nikolaos Panigirtzoglou, leader of the analyst team, stated that the decline in such positive news triggered the declines in recent weeks and led to the liquidation of long positions. Last week, the SEC (US Securities and Exchange Commission) officially appealed the Ripple case decision. At the same time, it did not approve and postpone ETF applications, although it did not reject them. These factors, combined with negative economic news from China, caused Bitcoin to decline by more than 11% last Friday.

The report also emphasized the importance of the Bitcoin reward halving and stated that some investors were trying to take positions before the halving.