CandleFocus JPMorgan Announced: These Will Determine the Price of Cryptocurrencies in the Coming Months
2024-10-07
Author: Content Editor
JPMorgan analysts have identified several key factors that could impact the cryptocurrency market in the coming months. They discussed the historical trend of strong October performance, known as "Uptober," noting that over 70% of Octobers have resulted in positive returns for Bitcoin. The analysts also noted that the expected positive impact from the recent Fed rate cuts on the broader crypto market has not materialized yet. They attributed this to the correlation between total crypto market cap and the federal interest rate remaining weak. The analysts highlighted the recent approval of options trading on spot Bitcoin ETFs as a potential catalyst that could deepen market liquidity and attract new participants. Additionally, they mentioned Ethereum's upcoming "Pectra" upgrade, which is expected to improve network efficiency and adoption, but may not have an immediate impact on ETH price. The analysts concluded that the cryptocurrency market is awaiting a clear macroeconomic or structural catalyst for sustained growth.
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