JP Morgan Predicts Cryptocurrency Market Recovery After August Dip

IconCryptoNewsTerminal Staff11 Jul, 2024

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JP Morgan Predicts Cryptocurrency Market Recovery After August Dip

JP Morgan has released a report predicting a recovery in the cryptocurrency market following a downturn in August. The report states that cryptocurrency liquidations have decreased this month, indicating a potential turnaround. Additionally, the net inflow of funds into the cryptocurrency market this year has been revised from the previous $12 billion to $8 billion, suggesting a slowdown in investment but still positive sentiment. The report also notes that the exchange's BTC balance has decreased due to the repayment of Mt. Gox and the sale of BTC by the German government. These factors have contributed to the market dip in August. However, JP Morgan predicts that the market will rebound, similar to its prediction in June that the market would recover in August after a downturn in July. Overall, the report strikes a cautiously optimistic tone, suggesting that while the market has faced challenges, there are signs of recovery. Investors should monitor the market closely and consider the potential risks and rewards involved in cryptocurrency investments.

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