New Cryptocurrency Report from JP Morgan: “For Continuous and Enduring Rise in Bitcoin….”

FTXafter the bankruptcy of cryptocurrencyInvestors, whose confidence in the markets and the market have been damaged, continue to withdraw their money from the stock markets.

While some of the investors withdraw their money to their wallets, some prefer to put it in decentralized exchanges.

US banking giant assessing investors’ exit from crypto markets J.P. Morgan, stablecoin He said there was a contraction in the market.

In this context, JP Morgan stated that the contraction in the stablecoin market is an important metric for understanding whether investors are exiting the crypto markets.

“Stablecoins pegged to an asset like the US dollar act as a bridge between fiat currencies and cryptocurrencies.

The growth of the stablecoin market, that is, the increase in stablecoin purchases, can be considered as an indicator of the increase in the amount of money entering the crypto money sector, and therefore the number of investors.”

In order for the cryptocurrency market to progress steadily, the amount of hot money entering needs to increase.

in May Terra (Luna) The largest stablecoin before the collapse Tether (USDT) Stating that the market value of stablecoins, including stablecoins, reached its peak with $ 186 billion, JP Morgan analysts said that the market value has dropped by $ 41 billion since May.

It was stated that half of this decrease was due to the Terra collapse.

Claiming that the stablecoin market value has been declining since May, JP Morgan stated that since May 2022, approximately $25 billion has exited the cryptocurrency market through stablecoin redemptions.

Finally, JP Morgan analysts said that the contraction in the stablecoin market, that is, stablecoin outflows, continues unabated. cryptocurrency He stated that it is difficult to see a sustained recovery in prices.

For exclusive news, analytics and on-chain data Telegram our group, twitter our account and YouTube Follow our channel now! Moreover Android and iOS Start live price tracking right now by downloading our apps!

source site-4