In promising news for the crypto community, the recent wave of digital asset selloffs is approaching its conclusion, according to JPMorgan research.
“The recent selloff in crypto markets is likely near an end, with long-position liquidations “largely behind us,” the report states.
Bitcoin Futures Interest, The Key Indicator
A recent report that cites JPMorgan research highlights buyer demand for Bitcoin futures contracts as an indicator hinting at market optimism for a potential surge in Bitcoin’s price.
The report states that the decline in the “number of unsettled and active future contracts trading on exchanges,” indicates that the downward price trend is nearing a conclusion.
Nikolaos Panigirtzoglou believes this indicates there could be a reversal in the market shortly:
“As a result, we see limited downside for crypto markets over the near term.”
While there was no indication as to when the reversal trend may start, the report noted the slowing down of price decline, pointing to Bitcoin being down “0.2% at around $25,980 as of 11:30 a.m. in New York on Friday.”
This is a developing story and more information will be added as it becomes available.
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Source: https://beincrypto.com/crypto-selloffs-concluding-jpmorgan-research/