JP Morgan Warns of Falling BTC Price With Bitcoin ETF Approval in US

JP Morgan Warns of Falling BTC Price With Bitcoin ETF Approval in US


JP Morgan’s analysts say that the U.S. Securities and Exchange Commission (SEC) approving a bitcoin exchange-traded fund (ETF) is likely negative for bitcoin in the near term. There is optimism around the prospect of the SEC approving a bitcoin ETF under new leadership, the analysts say.

SEC Approving Bitcoin ETF Could Be Negative

JP Morgan published a report on Friday that discusses the impact of an SEC-approved bitcoin ETF on the bitcoin market. “Optimism around the prospect of the SEC approving a bitcoin ETF in the US this year has risen in anticipation of SEC leadership changes,” the analysts wrote, stating:

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The approval of a bitcoin ETF in the US this year would likely be negative for bitcoin in the near term.

The analysts, including strategist Nikolaos Panigirtzoglou, proceeded to explain why they are forecasting a negative outlook. “The reason is a potential decline in the Grayscale Bitcoin Trust (GBTC) premium to NAV [net asset value] from the introduction

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