The Crypto Market Rally Looks Overdone, JPMorgan Says

The Crypto Market Rally Looks Overdone, JPMorgan Says

Excitement about the potential approval of spot bitcoin exchange-traded-funds (ETF) has fueled a strong rally in digital assets over the past month, but the move higher seems overdone, JPMorgan (JPM) said in a research report last week.

Bullish sentiment has been buoyed by two main arguments, the bank said.

“A spot bitcoin ETF approval would help crypto markets to attract fresh/new capital as the newly-approved ETFs see inflows,” and the “approval would cement a win for the crypto industry and a setback for the Securities and Exchange Commission (SEC) thus making it more likely that going forward the SEC approach towards the crypto industry will soften,” analysts led

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