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JPMorgan Says Crypto Market Remains Healthy Despite Massive Correction

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Tue, 05/25/2021 - 19:04
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Alex Dovbnya
JPMorgan analyst Josh Younger has also warned about the rally of highly risky cryptocurrencies
JPMorgan Says Crypto Market Remains Healthy Despite Massive Correction
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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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January 2018 parallels Nevertheless, Younger noticed similarities between January 2018 and the current market downturn.

Bloomberg
Image by bloomberg.com

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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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.