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JPMorgan says there’s weak bitcoin demand from large buyers and that may preserve it in a bear market – NewsEverything Enterprise

A representations of digital foreign money Bitcoin is seen in entrance of a inventory graph on this illustration taken Might 19, 2021.

Dado Ruvic | Reuters

The bitcoin bear market is not behind us but because the demand from large buyers to help the cryptocurrency — a key narrative of the bulls — is simply not there, in response to JPMorgan analyst Nikolaos Panigirtzoglou.

The bitcoin futures curve is in so-called backwardation, which means the present spot worth of bitcoin is greater than that of the futures contracts. That is taking place for the primary time since 2018, the quantitative analyst stated, and is a sign of the dearth of curiosity from the institutional purchaser.

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