JPMorgan: Halving Bitcoin and updating Duncun are already included in the current value of cryptocurrencies
Analysts at JPMorgan Chase international investment bank have named three main factors that will affect the value of bitcoin and ether in the coming months.
Senior analyst Nikolaos Panigirtzoglou noted that retail investors' interest in cryptocurrencies is reviving again. This has become one of the reasons for the recent growth of bitcoin, ether and other popular cryptocurrencies. Despite the recent emergence of spot exchange-traded funds (ETFs) for bitcoin in the United States, the activity of retail cryptocurrency investors with relatively small amounts significantly exceeds the cash flows from large companies, Panigirtsoglu explained.
"The increased activity of retail investors in February reflects the onset of three main catalysts for the growth of the crypto market in the coming months: a reduction in the reward for Bitcoin miners, a major upgrade of the Ethereum network — Dencun — and the possible approval of spot ETFs for ether in May," JPMorgan analysts are confident.
They explained that the first two catalysts have already been largely taken into account in the price, so they are unlikely to have a significant impact on the dynamics of the crypto market. As for the approval of exchange-traded funds for air in the United States, the probability of this is only 50%, Panigirtsoglu suggested. Therefore, despite the upcoming positive events, analysts maintain a cautious position in the cryptocurrency market.
