Bitcoin And altcoinThere was a significant rally in BTC and altcoins in 2017, as optimism increased that the SEC’s spot Bitcoin ETF would be approved.
It was recently around $26,000. BTCFollowing the positive developments, it rose above $35,000.
While investors and analysts generally think that the rally in BTC and altcoins will continue, the US banking giant JP Morgan’A new report about BTC came from .
According to Coindesk’s report, JP Morgan stated that there is a significant amount of Bitcoin inflow to major wallets, which indicates institutional investor demand, and pointed out in its report that the recent rise in Bitcoin is supported by institutional investors.
JP Morgan analysts led by Nikolaos Panigirtzoglou stated the following in their report:
“As optimism regarding SEC approval of the Spot Bitcoin ETF continues to grow, this optimism is reflected in Bitcoin’s strong performance relative to other cryptocurrencies.
At this point, the leading cryptocurrency BTC has recorded significant increases in recent days, and this latest upward momentum appears to be due to institutional investors.
Because our bank’s analysis of the crypto futures market supports this claim.
“Our futures position representation, based on CME Bitcoin futures used mostly by institutional investors, rose last week not only to this year’s high, but also to levels seen in August 2022 before the FTX crash.”
Bitcoin At the time of writing, it continues to be traded at $ 34,229.
*This is not investment advice.
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