Bitcoin has started the day in a positive mood. At press time, the largest cryptocurrency by market cap is trading at $34,014.85 (+2.93%), according to CoinMarketCap.
Chart of the USD/BTC trading pair from EXANTE
For its part, Ether has risen to $1,936.53 (+0.18%), while Tether has dropped by 0.03% and is now trading at $1.
Analysts at investment bank JPMorgan believe the price of Bitcoin could fall to $25,000. According to experts, the decline in prices could be triggered by a possible sale of shares of Bitcoin fund Grayscale Bitcoin Trust after a six-month lockup period.
JPMorgan has noted it maintains a negative outlook for Bitcoin despite the fact that its price has returned to above $34,000 after falling as low as $28,800 on June 22. The bank's analysts explained:
"Despite this week’s correction, we are reluctant to abandon our negative outlook for Bitcoin and crypto markets more generally. Despite some improvement, our signals remain overall bearish."
According to the bank's analysts, in the current environment, the real value of the main cryptocurrency is in the range of $23,000-35,000.
According to CoinMarketCap’s ranking, 5 currencies on the top 10 are in green.
As for the market cap of all currencies listed in CoinMarketCap, it stays at $1,360,547,944,032.
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