JPMorgan Says Crypto Market Remains Healthy Despite Massive Correction

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Tue, 05/25/2021 - 19:04
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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.

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.