This year’s downturn cryptocurrencies It started to recover in July.
Banking giant evaluating the recovery in cryptocurrencies, especially Bitcoin (BTC) J.P. Morgan, He said the cryptocurrency industry has found ground.
Kenneth Worthington, a JPMorgan analyst, wrote in a note to clients yesterday that predicts this shift in the crypto industry from PoW to PoS. on Ethereum (ETH) linked to the Merge upgrade.
The sharp decline in cryptocurrencies seen in May TerraUSD (UST) and LUNA Referring to its collapse, the JPMorgan analyst said, “We think the real catalyst is the Ethereum Merge upgrade and positive data showing that Merge is viable in 2022.” said.
“The cryptocurrency markets seem to have found a foothold, although trading volumes are still under pressure.
We think the more distress caused by Terra/Luna’s collapse is now more limited.
We also consider the prospects for the actual Ethereum merge Merge upgrade to be positive data following the launch of the Sapolia testnet in early July and the Ropsten testnet in June.
This shows that consolidation is viable in 2022.”
The giant bank finally drew attention to the rise in Bitcoin and Ethereum. crypto- He said it was another indication that the market had bottomed out.
Since the lowest levels in June BTC by 36%, ETH increased by 102%.
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