2023-12-17 18:57:00
JP Morgan Bank expressed its caution towards the cryptocurrency market during the year 2024 in light of optimism about the approaching approval of the launch of Bitcoin traded funds, and also warned against excessive buying of it.
JP Morgan explained that the US Securities and Exchange Commission’s decision to approve the launch of Bitcoin traded funds will likely not result in significant gains.
The report indicated that the current weak demand for Bitcoin ETFs in Europe and Canada is evidence that the launch of this new investment tool in the United States may fail to gain significant momentum.
JP Morgan suggested that these funds would withdraw capital from existing investment products supported by Bitcoin rather than attract new capital.
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