Expiration of GBTC Shares Will Put More Pressure on Bitcoin: JPMorgan
Main page News, Bitcoin, Banking

The expiration of shares in Grayscale Bitcoin Trust between June and July will likely put more pressure on bitcoin's (EXANTE: Bitcoin) price, Bloomberg reports, citing a report by JPMorgan's analysts. The analysts say the bearish outlook for bitcoin and the cryptocurrency market is still in play despite the cryptocurrency's correction.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

"Despite some improvement, our signals remain overall bearish," the experts said.

JPMorgan Hints Another Bitcoin Crash on Horizon

JPMorgan also estimates that bitcoin's fair value is set in a range of $23,000-$35,000 in the "medium term." JPMorgan's strategists add that bitcoin's price should fall down to the $25,000 level before longer-term momentum "would signal capitulation."

JPMorgan's new warning comes despite reports that the banking giant might launch an actively managed bitcoin fund for a limited group of clients. NYDIG will reportedly be responsible for the custody of the assets of the fund, which could be launched already this summer.

Access more than 50 of the world's financial markets directly from your EXANTE account – including NASDAQ, London Stock Exchange and Tokyo Stock Exchange.

Read also:
Please describe the error