Summary
- JP Morgan's analyst stated that the crypto asset market continues to face short-term downward pressure.
- Skepticism about the upward trend is growing as Bitcoin strategic reserve plans continue to be rejected in the U.S. and Europe.
- Investors are reducing their long positions in the futures market, reflecting the absence of catalysts in the market.
According to CNBC on the 6th (local time), Nikolaos Panigirtzoglou, an analyst at JP Morgan, analyzed in a recent investor memo that "although the crypto asset (cryptocurrency) market showed an upward trend this week, short-term downward pressure continues due to persistent skepticism about strategic reserve plans."
He explained, "Bitcoin (BTC) strategic reserve plans have been rejected in several U.S. states recently, and the central banks of Switzerland and Poland have effectively rejected reserve plans as well," adding that "in the absence of clear catalysts in the crypto asset market, investors are reducing the size of their long positions in the futures market."
Furthermore, he added that "Strategy's (formerly MicroStrategy) convertible bonds are also one of the potential bearish factors."
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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