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Bloomberg Warns Crypto Rally May Fizzle Despite ETF Hopes

by BlockNews.com Team
November 9, 2023
in Breaking News, Crypto, Featured
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Bloomberg Warns Crypto Rally May Fizzle Despite ETF Hopes

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  • The recent crypto rally appears overdone according to JPMorgan analysts, who are skeptical about its sustainability
  • Factors driving the rally include prospects of a Bitcoin ETF approval in the US and perceived wins for crypto in SEC legal cases
  • Reasons for caution include the Bitcoin halving already being priced in and likelihood of a “buy the rumor, sell the fact” effect after ETF approval

JPMorgan analysts have expressed skepticism about the sustainability of the recent surge in crypto markets, stating that the “crypto rally looks overdone.”

Factors Driving the Crypto Rally

Prospects of a Bitcoin ETF Approval

JPMorgan analysts identified the prospect of a spot bitcoin ETF approval in the US as one factor that has seemingly led to the crypto rally over the past month. The idea is that a bitcoin ETF could bring new money into crypto markets. However, the analysts are skeptical that fresh capital will actually enter newly approved spot bitcoin ETFs.

Perceived SEC Defeat

The second main factor is the SEC’s apparent defeats in its Ripple and Grayscale legal cases. Some believe this could lead to more lenient crypto regulations. But the JPMorgan analysts say it’s uncertain if regulations will ease given the unregulated state of the crypto industry.

🚨 NEWS: JPMorgan Analysts believe the current crypto rally is "overdone."

Overenthusiasm surrounding spot #Bitcoin ETFs and recent 🇺🇸 SEC legal cases were cited as reasons. pic.twitter.com/LcjVFWOo5f

— BlockNews.com (@blocknewsdotcom) November 9, 2023

Reasons for Caution

Bitcoin Halving Already Priced In

Some are optimistic about the upcoming Bitcoin halving event in 2024. But JPMorgan says this event, which reduces bitcoin supply, is already priced into the current bitcoin price.

Likelihood of “Buy the Rumor, Sell the Fact”

Overall, the analysts are cautious on crypto markets going forward. They see a high chance of a “buy the rumor, sell the fact” effect after the expected SEC approval of spot bitcoin ETFs.

Tags: BitcoinBlockchaincryptoCrypto Exchange
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