JPMorgan Chase was the first-ever American bank to ever enroll Bitcoin as a service to its clients. But one thing that is of notice here is that JPMorgan Chase did remain a staggering opponent of the very idea of decentralization and what these cryptocurrencies stand for. Anyhow, the recent developments in the crypto market only unleash bearish news for Bitcoin and many other cryptocurrencies following the same fate.
Bitcoin has long departed from the warmth of trading at $60k or even more in the recent past few months, and according to the latest crypto data, it might not come across the same fate for a long time.
Bitcoin has Lost the Edge and is only in Favor of Investors and Bears Interested to Buy the Price Dip
The current situation of Bitcoin is so bleak that the cryptocurrency has even plunged down to $28k or so during the bearish events and is barely keeping its head above water by trading at $33k at the time of writing. Currently, only the bears and investors are filling their purse with more and more Bitcoin only to make it sit over time, so its value might increase, and one day they shall be able to sell it for some staggering profit. The same technique as the CEO of MicroStrategy Michael Saylor is using as in the recent dip; he was able to secure Bitcoin at an estimated worth of more than $496 million, which is pretty bold.
This is the only investor or the investing company since the Bitcoin trading started that has managed to buy Bitcoin at every market crash or price dip when the commodity would have been a huge cost-oriented favor for them and has not sold even a single token to date. Who knows what the future will bring them, but it seems that it will not be as dark and unhinged as it is now for many investors and traders.
JPMorgan Chase’s chief market strategist has hinted that the cryptocurrency is yet to plunge to $23k or even low before rebounding or making a strong comeback because the correction for Bitcoin this time around has been as fierce as it has been in the history of the crypto market corrections.