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JPMorgan Remains Bearish on Bitcoin
In a recent note, Nikolaos Panigirtzoglou, managing director at J.P. Morgan, reiterated the bank’s bearish stance on Bitcoin. According to Panigirtzoglou, there is growing skepticism surrounding the crypto reserve initiative, which has raised concerns over the feasibility of including volatile tokens like XRP and SOL.
The analyst pointed out that state-level efforts to introduce strategic Bitcoin reserves have failed even in conservative states such as South Dakota. This lack of success has led JPMorgan to reiterate their bearish call on Bitcoin.
Furthermore, Panigirtzoglou noted a waning institutional demand for Bitcoin due to the absence of bullish catalysts. The analyst warned that this could result in more position unwinding in the near future, further exacerbating the bearish trend.
This sentiment is likely to have significant implications for the cryptocurrency market, as institutional investors are a critical component of its growth and stability.
