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JPMorgan’s experts believe that the rough phase led by the crypto market correction and liquidation is likely behind us. Their positiveness arises from their analysis of CME bitcoin futures positions, revealing that the unwinding of long positions is nearing completion rather than being in its initial stages. This insight leads them to conclude that the potential downside for the crypto markets in the short term is now limited. 
The surge in crypto traders establishing long positions was driven by a slew of positive developments, including the XRP legal ruling, PayPal’s <a href="https://news.todayq.com/paypal-launches-its-pyusd-stablecoin-on-ethereum-erc-20/" rel="noopener noreferrer nofollow">introduction</a> of a stablecoin, positive expectations for SEC-approved bitcoin <a href="https://news.todayq.com/bitcoin-leverage-reaches-comparable-levels-to-blackrock-etf-announcement-as-price-surges-above-31k/" rel="noopener noreferrer nofollow">ETFs</a>, and strategic moves ahead of the forthcoming bitcoin halving event. 
However, as the influence of these positive factors weakened, the SEC postponed its ETF decisions, expressed resolve in challenging the XRP <a href="https://news.todayq.com/wells-fargo-expert-reveals-unprecedented-xrp-forecast-after-ripples-court-triumph/" rel="noopener noreferrer nofollow">ruling</a>, and considerations over strict regulations for stablecoins took center stage. Consequently, a wave of long position liquidations occurred, prompting a market correction. The analysts claim that this process of unwinding appears to be in its final stages, indicating that the worst may be over. 
This market correction within the crypto realm reflects a broader adjustment seen in other high-risk assets like stocks. This broader correction can be attributed to factors such as inflated valuations within the tech sector, heightened real yields in the United States, and concerns regarding China’s economic growth trajectory. Furthermore, news of SpaceX divesting its bitcoin holdings in prior years acted as an accelerant for the corrective phase in the crypto markets. 
Currently, Bitcoin is trading at approximately $26,000. Just this week, Pantera Capital, a key player in the crypto venture space, illustrated an intriguing perspective. They projected that the value of Bitcoin could potentially skyrocket to $148,000 after the impending Bitcoin halving event slated for the coming year. 
Earlier in 2021, in a <a href="https://news.todayq.com/dan-morehead-predicts-bitcoin-will-hit-115000-in-august-2021/" rel="noopener noreferrer nofollow">report</a> by Todayq News, Dan Morehead, the Founder and CEO of Pantera Capital (an investment firm focused on blockchain and crypto assets), predicted that the price of Bitcoin would reach $115,000. However, after his prediction, the market significantly fell and since then bitcoin has not reached its all-time high. There are lots of positive things yet to come that might surge Bitcoin and the crypto market. 
© Todayq News

JPMorgan: Crypto market correction nearing end, limited downside expected

Todayq News

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