JPMorgan says there’s weak bitcoin demand from big investors and a crypto bear market could be on the way


A representations of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken May 19, 2021.

Dado Ruvic | Reuters

A bitcoin bear market could be on the way as the demand from big investors to support the cryptocurrency — a key narrative of the bulls — is just not there, according to JPMorgan analyst Nikolaos Panigirtzoglou.

The bitcoin futures curve is in so-called backwardation, meaning the current spot price of bitcoin is higher than that of the futures contracts. This is happening for the first time since 2018, the quantitative analyst said, and is a signal of the lack of interest from the institutional buyer.



Source link

 

Leave a Reply

Your email address will not be published. Required fields are marked *

RELATED PRODUCTS


RELATED PRODUCTS
  • The 28 Days Challenge For Going Vegan Includes Step By Step Meal Plans, Recipes , Grocery List and More
  • Struggling to build muscle as a vegan It's easy with the correct diet, let me show you how.
  • Best Selling Vegan Cookbooks. Ipad And Mobile Friendly PDF Files Download With Ease.
  • Plant Based Recipe Cookbook Includes 100 Mouth-Watering Vegan Recipes For Everyone To Enjoy
  • Learn how to put together tasty meat-free, dairy-free and egg-free recipes for a healthy life.
  • Get The Techniques For Overcoming Food Cravings, Preparing Delicious and Healthy Meals
  • This Book Has Helped Over 1000 People And And Has Over 100 Five Star Feedback.
  • Discover Wholesome Plant-based Nutrition Drink Helps You Burs Fat Cells And Will Refresh You
  • Learn To Create A Healthy Lifestyle And Leave You Feeling Decades Younger and Supercharge Your Life
  • Ads by MyCBGenie