The crypto market ended the week flat as Bitcoin continues to hold near support at $26,000 and JPMorgan analysts saying they see limited downside moving forward.
- The cryptocurrency market ended the week on a flat note as Bitcoin continued to hold near support at $26,000, with neither bulls nor bears able to get the upper hand and take control of the price action.
At the closing bell, the S&P, Dow and Nasdaq all finished higher, up 0.67%, 0.73%, and 0.94%, respectively. “Last week there was a major correction and liquidation in the cryptocurrency market. But the difficult stage has most likely passed,” the analysts said. “At this point, as a result, we see limited downside for crypto markets over the near term.”
The analysts also cited the reports that SpaceX had sold its BTC holdings as an additional catalyst that deepened last week’s correction in the crypto market. On the topic of the Ripple decision, they noted that the result of any appeal would not come out until sometime next year, which has created a new period of legal uncertainty for the crypto markets.
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