Bitcoin to End Bear Run Once Dominance Crosses 50%: JP Morgan Analyst

Bitcoin to End Bear Run Once Dominance Crosses 50%: JP Morgan Analyst

Lead JP Morgan analyst Nikolaos Panigirtzoglou has commented on when he expects the prevailing Bitcoin (BTC) bear run to end. In a recent interview with CNBC, the analyst asserted that Bitcoin would reenter a bull market once its market dominance exceeds 50%. Panigirtzoglou noted that:

“A healthy number there, in terms of the share of bitcoin as a percentage of the total cryptocurrency market cap, is 50% or above. I think that’s another indicator to watch here in terms of whether this bear phase is over or not.”

The lead JPM analyst recalled that BTC’s dominance was at 60% at the beginning of April, noting that the benchmark cryptocurrency’s low market dominance is a negative indication it is in a subdued mode. Panigirtzoglou highlighted that this metric has soared over the past few weeks, which is a positive development.

At press time, Bitcoin trades at $35,500 and dominates 45.3% of the total crypto market. While Panigirtzoglou acknowledged that there has not been a lot of whale activities in BTC recently, he argued that:

“The flow into ethereum funds has slowed over the past two to three weeks, at the same time as the flow into bitcoin funds … has improved. That means there is perhaps a relative value opportunity that some institutional investors are seeing to buy bitcoin and sell other cryptocurrencies.”

Key Bitcoin Levels to Watch — July 4

Bitcoin appears to be on a healthy recovery path as the primary cryptocurrency reclaims the $35k barrier. BTC currently shows immense bullish activities despite the subdued trading volume. At press time, BTC volume hangs at a meager 69 points despite the recent sharp spike.

BTCUSD – 4-Hour Chart

Nonetheless, we expect trading volume to pick up once BTC restores stability above the critical $36.5k – $37k axis. Currently, the benchmark cryptocurrency is locked in battle with the 200 SMA, as bears lose grip.

Meanwhile, our resistance levels are at $36,000, $36,500, and $37,000, and our key support levels are at $35,000, $33,750, and $33,000.

Total Market Capitalization: $1.47 trillion

Bitcoin Market Capitalization: $664.9 billion

Bitcoin Dominance: 45.3%

Market Rank: #1

 

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JP Morgan Announces Job Opening for Ethereum and Blockchain Developers

JP Morgan Announces Job Opening for Ethereum and Blockchain Developers

After several years of opposing cryptocurrencies and even calling it a fraud at some point, behemoth investment bank JP Morgan Chase & Co. has announced that it is hiring developers for Ethereum and blockchain development.

The job listing was published on Glassdoor, a renowned US job and recruitment website. The firm noted that it is looking to hire developers with experience in writing smart contracts, implementing business applications, and authenticating cryptographic protocols on the blockchain.

The recent development is a surprising change of stance for the company towards cryptocurrencies, considering how antithetical JPM was on Bitcoin (BTC). in 2017, famously stated that crypto assets were “worse than tulip bulbs.” He also asserted that he would terminate the appointment of any JP Morgan employee dealing with cryptocurrencies.

CEO of JPM Jamie Dimon

Bitcoin’s Supply is Fizzling Out
The recent job posting could be a sign that JPM is joining the financial institution train hopping on crypto and blockchain technology. The US-based banking giant noted that it would begin dealing with cryptocurrencies once a certain level of demand from customers seeking crypto exposure gets met.

Recently, JP Morgan advised investors to allocate 1% of their portfolio into Bitcoin as a hedge, highlighting the declining supply of BTC due to large investor purchases. Glassnode recently revealed that the liquid supply is plummeting as whales and miners hoard and increase their holdings.

Reports show that about 78% of all Bitcoin in circulation is lost or being HODLed, leaving a measly 4 million BTC to trading. An example of institutional hoarding of Bitcoin is Grayscale, which currently holds over $36 billion worth of BTC. Grayscale recently revealed that it has $50 billion in total assets under management.

 

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