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JPMorgan points to weak Bitcoin futures as signal for bear market

CryptocurrencyJun 10, 2021 07:00AM ET
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JPMorgan points to weak Bitcoin futures as signal for bear market

JPMorgan’s cryptocurrency market analysts have pointed to the difference between Bitcoin’s (BTC) spot prices and BTC futures prices as a potential bearish sign for the market.

In a Thursday note to clients, JPMorgan (NYSE:JPM) analysts led by global market strategist Nikolaos Panigirtzoglou wrote that the Bitcoin market has returned to backwardation — a situation when the spot price is above futures prices. The analysts said that the past month’s correction in crypto markets saw Bitcoin futures reversing into backwardation for the first time since 2018.

Bitcoin dominance percentage all-time chart. Source: CoinMarketCap

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JPMorgan points to weak Bitcoin futures as signal for bear market
 

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Comments (2)
Faz Hamamin
Faz Hamamin Jun 10, 2021 7:56AM ET
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You are dodge
Omotola Oyeniyi
Omotola Oyeniyi Jun 10, 2021 7:45AM ET
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Don't falk for the trick, JPMorgan is a whale, they want you to sell your precious crypto to them cheap so they spread FUD. They take your money and sell to you higher!
 
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