Bitcoin

BlackRock

The crypto market <a href="https://news.todayq.com/the-crypto-fear-and-greed-index-how-does-it-work/" rel="noopener noreferrer nofollow">fear and greed index</a> took a heavy drop over the past few days. On May 2, this index flashed a “Neutral” signal by sliding down to 47 points after a long period of time. This suggests that investors’ sentiments regarding the digital assets market have changed after watching the recent heavy dump. Is crypto market doomed? 
According to reports, JPMorgan had maintained its “Cautious” stance on the crypto market but in the near term trajectory. JPMorgan analysts, led by Nikolaos Panigirtzoglou in a report wrote that “With a lack of positive catalysts, with the retail impulse dissipating and with the three headwinds mentioned previously in our publication still in place, we maintain a cautious stance on crypto markets over the near term,”&nbsp;
The publication was on the elevated positioning, high bitcoin prices vs. gold, and vs. the estimated bitcoin production cost, subdued crypto VC funding.
On the other hand, Head of digital assets of BlackRock is anticipating a new wave of interest in spot bitcoin exchange-traded funds (ETFs). Robert Mitchnick expects an emerging demand from institutional investors such as sovereign wealth funds, pension funds, and endowments.
He added that BlackRock has been in talks with these investors about Bitcoin for several years and expects the interest to continue growing.
Mitchnick believes that the restrained demand for these products will drive further accumulation despite the recent break in inflows into spot BTC ETFs. However, he suggested that the next step will be linked to the unrestricted offering of bitcoin ETFs to clients of large wealth advisory players. It can be Morgan Stanley. What’s up with BTC? 
As we take a look at the crypto market, Bitcoin managed to regain the crucial $58,000 price level after facing a dump straight to the $56,000 level. It broke the key $59K support level, resulting in around $120 million in BTCUSDT perpetual futures long liquidations.&nbsp;
BTC price is up by 2% in the last 24 hours. It is trading at an average price of $58,434, at the press time. The original crypto is still down by 20% from its all time high of $73,750.
The biggest has recorded a slide of 8% in the last 7 days which has added the plunge of around 12% over the last 30 days. Its 24 hour trading volume is down by 10% to stand at $40 billion.

JPMorgan turns cautious on Crypto while BlackRock eyes on ETF comeback

Todayq News

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