JPMorgan forecasts stability in crypto markets
JPMorgan predicts the ending of the recent crypto market selloff, forecasting limited downside and potential stability in the near term. The latest downturn in the cryptocurrency markets seems to be approaching a conclusion, according to a new analysis by JPMorgan Chase & Co. The firm argues that long-position liquidations in the crypto world are mostly resolved and that further sharp declines are unlikely. While still echoing, the crypto markets’ recent behavior suggests that the market’s unwinding phase is near its end. Open interest in the futures contracts of Bitcoin (BTC) traded on the Chicago Mercantile Exchange (CME) indicates that the market’s correction is nearly over. Open interest, a measure representing the number of unsettled and active futures contracts, typically shows when a price trend might weaken. Analysts, including Nikolaos Panigirtzoglou, have noted that the decrease in open interest signals the potential end of the recent selloff. As a r...