In his new research note, JPMorgan analyst Josh Younger wrote that the cryptocurrency market remained “healthy” despite a gargantuan correction, Bloomberg’s Joe Weisenthal reports.
Still, he did mention that the market’s depth had declined following a string of liquidations.
Younger also noted that extreme volatility was mainly limited to North America.
On May 19, Bitcoin tanked to $30,000, enduring its worst collapse since the pandemic-driven crash in March 2020.
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Particularly, he pointed to the rapid rise of highly risky non-blue chip cryptocurrencies.
Weisenthal has commented that growing institutional adoption might prevent another bear cycle.
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Vladislav Sopov