Bitcoin

<div class="cryptonews">
 <p class="is-style-lead">The <a rel="noopener noreferrer nofollow" title="rally" href="https://thebittimes.com/tag/rally.html">rally</a> in the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> looks overvalued, say JPMorgan Chase analysts.</p>
 <p>According to The Block, the bank noted the high expectations of traders and investors dictated by several factors. Among them, experts identified two main ones: the prospect of approval by the US Securities and Exchange Commission (SEC) of spot Bitcoin ETFs and the softening of the department’s supervisory policy, which stems from the previous paragraph.</p>
 <p>However, in both these cases, there are certain nuances, the report says. In the first, positive expectations are dictated by a likely jump in the exchange rate and an influx of capital, but the latter is unlikely, JPMorgan Chase notes:</p>
 <blockquote class="wp-block-quote">
  <p>“First, instead of fresh capital entering the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> industry to be invested in the newly-approved ETFs, we see as a more likely scenario existing capital shifting from existing bitcoin products such as the Grayscale bitcoin trust, bitcoin futures ETFs, and publicly listed bitcoin mining companies, into the newly-approved spot bitcoin ETFs.”</p> <cite>JPMorgan analysts</cite>
 </blockquote>
 <p>JPMorgan also questioned the possible easing of SEC policy after approving this class of products. Experts noted that the industry is still largely unregulated.</p>
 <p>Bitcoin surpassed $36,000, approaching $37,000. This comes amid a new forecast from Bloomberg Intelligence, highlighting the likelihood of approval of spot Bitcoin ETFs before Nov. 17.</p>
 <p>In addition, news emerged that the US Securities and Exchange Commission (SEC) entered into negotiations with Grayscale, the topic of which was converting the organization’s BTC fund into a spot Bitcoin ETF.</p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/jpmorgan-considers-rally-in-crypto-market-overestimated-tbt69697.html">https://thebittimes.com/jpmorgan-considers-rally-in-crypto-market-overestimated-tbt69697.html</a></p>

JPMorgan considers rally in crypto market overestimated

TheBitTimes

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