The Bitcoin and Crypto market is witnessing an upward trend with Bitcoin trending around $59,000 which has captured the attention of everyone whether it favors crypto or opposes crypto hence in the ongoing crypto bull run, JPMorgan Chase comes with three main reasons behind the upward trend in the crypto market.
The JPMorgan team, headed by global market strategist Nikolaos Panigirtzoglou and other experts and analysts has pointed out three main catalysts behind the crypto market surge which will continue in the upcoming months.
The JPMorgan team states that Bitcoin Halving, which means an event that occurs when the rewards for mining Bitcoin transactions are cut in half and reduces the rate at which new coins are created and lowers the available amount of new supply is one of the reasons behind crypto upsurge as it reduces the supply of bitcoin in the market.
Another reason is the Dencun Upgrade of the Ethereum Network which as per Grayscale’s report is a “Coming of Age” event for the network which allows it to grow and solidify its Ethereum 2.0 proposal and states that ether is ready to reap the benefits of the upgrade which ultimately increases the investor's attraction towards crypto.
Lastly the increasing chances of approval of spot Ethereum ETFs. The U.S. Securities and Exchange Commission (SEC) is anticipated to decide on the approval of a spot Ethereum ETF in May. Despite this, SEC Chairman Gary Ganser has consistently avoided explicitly stating that ether is not considered a security, which has raised doubts about the potential approval of a spot Ethereum ETF. Nevertheless, there are optimistic perspectives suggesting that the securities regulator may grant approval for spot Ethereum ETFs in May, with Standard Charter Bank being among those expressing confidence in this outcome.
Hence from the above analyses, we can conclude that Bitcoin and the crypto market will strike a more upward trend in the coming future which was also highlighted by Microstrategy’s Founder Michael J. Saylor in an interview with Bloomberg where he stated that Bitcoin is the most superior asset among all assets like Real estate, Gold and money will flow in the crypto market from these asset class in the upcoming future and thus cryptocurrency market will stand as the most visited place by an investor in the world whether its Asia, Africa or Antarctica everywhere in the world we are going to witness the surge in crypto investors making it multi trillion dollar market.
Also read:- Russia to Adopt Crypto for International Trade
