Bitcoin News J.P. Morgan evaluates Bitcoin swings, and Wall Street does...

J.P. Morgan evaluates Bitcoin swings, and Wall Street does the same

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Bitcoin (BTC) has had a volatile weekend after last week’s crypto crash. In that sense, experts are looking for ways to know or estimate how long the fall of Bitcoin could last, and J.P. Morgan set about the task until defining that it does not seem to be finished yet.

Wall Street experts face a difficult task trying to analyze the prospects for Bitcoin and other tokens following a volatile slide. Still, they keep trying, and some see the risk of further trouble ahead.

What does J.P. Morgan say about Bitcoin’s crash?

At J.P. Morgan Chase & Co. they consider it premature to announce the end of the sale of Bitcoin. Meanwhile, in a comprehensive report, Goldman Sachs Group Inc. noted that extreme swings make it difficult for cryptocurrencies to appeal to institutional investors.

“It is too early to call the end of the recent Bitcoin downtrend,” J.P. Morgan strategists wrote on Friday. The reasons they allege have to do with momentum signals and lack of buying in Bitcoin funds and regulated futures.

In the Goldman Sachs report, its experts pointed out a number of trends. That included the potential for Ether to overtake Bitcoin as a store of value and the volatility of cryptocurrencies that can pose a challenge for institutional buyers.

Likewise, Medley Global Advisors LLC warned of the threat of spillover if Bitcoin falls well below $20,000.

Other signs of BTC’s plight

Cryptocurrencies have suffered a series of blows recently. An example is Elon Musk’s criticism of Bitcoin’s energy use, right up to the rise of China’s regulatory rhetoric.

Aside from the sheer magnitude of the virtual currencies crash last week – the Bloomberg Galaxy Crypto Index fell almost 40%. This would be the biggest drop since the pandemic upheaval in March last year. Hence, the huge intraday price swings have also captured investors’ attention.

Nonetheless, BTC, ETH, and meme cryptocurrencies such as Dogecoin continue to rake in large gains over longer time frames. Only in 2020 Dogecoin grew to around 12,000%.

Ben Pence
Ben Pence is a The Advertiser Mirror correspondent who covers politics, business, money, lifestyle, technologies and worldwide news. Ben is a talented guy of 22 years old who loves to write and record Podcasts as a part of his ideal to inform people about news and opinions.

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