Crypto Price Alert: JPMorgan Issues Stark Bitcoin Warning As Ethereum, Binance’s BNB, Cardano And Dogecoin Slide
Bitcoin and cryptocurrency prices have struggled over the last month, with around $1 trillion wiped from the value of the combined crypto market since it peaked at around $2.5 trillion in mid-May.
The bitcoin price fell to just over $30,000 per bitcoin this week before rebounding thanks to El Salvador's plans to adopt bitcoin as its official currency alongside the U.S. dollar. Elsewhere, the other top five cryptocurrencies by value—ethereum, Binance's BNB, cardano, and dogecoin—have also lost ground, each falling between 5% and 10% this week.
Now, despite the bitcoin price bouncing back toward $40,000 over the last couple of days, analysts at Wall Street giant JPMorgan have warned the "backwardation" over recent weeks points to a coming "bear market."
"We believe that the return to backwardation in recent weeks has been a negative signal pointing to a bear market," JPMorgan strategists led by Nikolaos Panigirtzoglou wrote in a note that was first reported by financial newswire Bloomberg, warning the bitcoin price crash from over $50,000 per bitcoin in May is an "unusual development and a reflection of how weak …
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