JPMorgan Names Silver Lining to Ongoing Crypto Crisis – U.Today
In a recent note, JPMorgan analysts opined that the ongoing cryptocurrency crisis could actually move the cryptocurrency industry two steps forward.
The leading U.S. banking institution believes that the sudden implosion of the FTX cryptocurrency empire is likely to make regulators speed up cryptocurrency rules.
According to JPMorgan, the establishment of a comprehensive regulatory framework would be a boon for institutional adoption.
The bank also noted that all recent cryptocurrency collapses were from centralized industry players and not from decentralized protocols. This could potentially bode well for the decentralized finance (DeFi) sector.
As reported by U.Today, JPMorgan recently predicted that the price of Bitcoin would collapse to $13,000 due to FTX contagion, with the market struggling to deal with a cascade of margin calls.
Earlier today, the price of the largest cryptocurrency kept collapsing after the embattled cryptocurrency exchange filed for bankruptcy.
Binance CEO Changpeng Zhao recently predicted that the current cryptocurrency crisis could exacerbate, comparing it to the 2008 financial crash.
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at email@example.com.
Disclaimer: Any financial and market information given on U.Today is written for informational purpose only. Conduct your own research by contacting financial experts before making any investment decisions.