Positive Bitcoin indications emerging
A decrease in open interest, which is the amount of active and unsettled futures contracts trading on exchanges, often signifies that a price trend is waning. As a result, JP Morgan predicts a"limited downside for crypto markets over the near term."
However, analysts foresee a"new round of legal uncertainty" for crypto markets given that the SEC is seeking an appeal in the Ripple case. Similar consideration is given to the status of approvals for spot Bitcoin ETFs.The crypto community reacted positively to the report, with the majority viewing it as bullish. The prediction came as a soothing relief following the recent sell-off in the market, which saw BTC trip down to lows of $25,234 on Aug. 17.
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