JPMorgan on Bitcoin and Ethereum
Important for Potential Crypto Investors
Summary
JPMorgan released an 18 page very positive but “neutral” report on crypto markets this week. It comes after a month of incredibly strong rallies, and the end of bad news ( for now) on crypto defaults/hacks. Here is their positive take on crypto, GoldFix’ take on their report, and what is likely to happen next for these assets.
JPM’s Main Points
Crypto-asset levels and market cap bounce in July – Eth is a big winner!1
DeFi platforms rebound, NFTs don't.
Trading volume falls further in July, but rebound in recent weeks.
July was a good month for the mining stocks
Gaming tokens and wallets see stability in July
More at bottom GoldFix Meta Summary:
There is a lot of good research in this report in our opinion and we strongly recommend it if you are interested in crypto or seek to go further into the crypto mining space It’s the next report you have to be careful of. Allow us to elaborate in no uncertain terms.
Remember this picture several days ago? It’s starting to happen…
Past Patterns
If pattern holds true, they and other banks will start to recommend to clients to buy Ethereum and Bitcoin again after such a thorough report. If pattern has also held true, they have already bought for their prop desks and preferred hedge fund clients. We do not judge that here…
more analysis at bottom