JPMorgan, one of the biggest financial institutions in the world, has drastically changed its opinion on the price that bitcoin will reach long term.
Another factor that JPMorgan examined is the volatility bitcoin and the crypto market at large have been experiencing. This, according to the bank, makes it difficult for institutions to put their bets on bitcoin for reasons other than being a speculative asset.
The biggest challenge for bitcoin going forward is its volatility and the boom and bust cycles that hinder further institutional adoption.The recent slump in cryptocurrency prices was attributed to several factors, and some considered the recent announcements by the Federal Reserve would affect the crypto markets, which have exhibited a correlation with other markets like the S&P500.
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