Analysts at the bank have shared a new forecast for the crypto market in a research note. They suggest that the market should begin to see liquidations subside this month.<\/p>\n
This bullish projection comes at a time when crypto markets continue to hover in the red following a tough June. The market has also reacted strongly to the news of imminent Mt.Gox repayments.<\/p>\n
As of now, BTC is trading around $57,330, showing a decrease of more than 13% in the past month. In recent weeks, Bitcoin has been hovering near support zones, with analysts indicating that bears might aim for the $50,000 area.<\/p>\n
After this, Bitcoin and the broader crypto market might begin to rise. However, JPMorgan has revised its net flow estimates down to $8 billion, expressing skepticism about the previous projection of $12 billion.<\/p>\n
This decline in Bitcoin reserves could be attributed to liquidations, mainly by Gemini or Mt. Gox creditors.<\/p>\n
Additionally, the German government, which held 50,000 BTC seized from a piracy site, has conducted an extensive dump over the past few weeks. When the Germany police seized the BTC from Movie2k, its value was about $2 billion, which has since risen to reach $3.6 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"
Analysts at the bank have shared a new forecast for the crypto market in a research note. They suggest that the market should begin to […]<\/p>\n","protected":false},"author":1,"featured_media":2541,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[131],"tags":[],"class_list":["post-2542","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency-market-analysis"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/cryptogoldex.com\/index.php\/wp-json\/wp\/v2\/posts\/2542","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cryptogoldex.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptogoldex.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptogoldex.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptogoldex.com\/index.php\/wp-json\/wp\/v2\/comments?post=2542"}],"version-history":[{"count":0,"href":"https:\/\/cryptogoldex.com\/index.php\/wp-json\/wp\/v2\/posts\/2542\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptogoldex.com\/index.php\/wp-json\/wp\/v2\/media\/2541"}],"wp:attachment":[{"href":"https:\/\/cryptogoldex.com\/index.php\/wp-json\/wp\/v2\/media?parent=2542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptogoldex.com\/index.php\/wp-json\/wp\/v2\/categories?post=2542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptogoldex.com\/index.php\/wp-json\/wp\/v2\/tags?post=2542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}