By now, everyone knows that ever since the advent of the cryptocurrency industry, its focus was to make it to the top. However, the cryptocurrency industry could never do it without the help of mainstream institutions.
When there is a mention of the mainstream institutions, the sector that could help cryptocurrencies reach the milestone was the traditional financial institutions and financial investment firms.
Although it took a long time for the cryptocurrency industry to be recognized by the mainstream industry, it eventually happened. That is when JPMorgan, which is one of the giant investment firms decided to adopt cryptocurrencies.
However, the firm did not want to go overboard by adopting and offering its customers every digital asset. This is the reason why it decided to offer its customers the most prominent and the largest cryptocurrency asset, Bitcoin (BTC).
JPMorgan had made it clear to the entire financial investment industry why it had decided to make this decision. The firm clarified that despite all the problems, Bitcoin (BTC) has managed to prove itself as one of the most valuable and long-term investment assets.
This has compelled several heavy investors in the firm to demand Bitcoin (BTC) to be offered for investments. Therefore, the firm had to comply with the demands of their clients and added the option. The firm also revealed that its executives and analysts themselves have high hopes for the potential of cryptocurrencies.
However, the situation seems to have taken a turn for JPMorgan due to the recent events that have taken place in the Bitcoin-verse. On April 22, 2021, Bitcoin (BTC) surprised the entire crypto-verse as well as the mainstream industry by crossing the $64k per BTC mark.
Unfortunately, this demonstration was short-lived, and in a matter of hours, its prices plunged and it came all the way down to $48k per BTC.
When this happened, the analysts at JPMorgan sided with the majority of the analysts who stated that Bitcoin (BTC) had a price correction coming and it had happened on April 22.
The initial speculations from the analysts were followed by predictions that they made in regards to BTC’s price. The majority of the analysts, including JPMorgan’s, stated that Bitcoin (BTC) will rebound and cross the $60k mark once again.
However, it has been several days and the price of Bitcoin (BTC) is constantly going the other way. The recent price demonstration by BTC has the analysts confused and they are not sure as to what is going to happen.
On the other hand, the prices of altcoins are constantly experiencing an uptrend. This has the analysts at JPMorgan even more worried because if the altcoins continue to gain rallies, Bitcoin will continue to plummet.
There is currently no telling which way the ship for Bitcoin (BTC) sails, if it goes to the lower side, JPMorgan will have huge losses for its long-time clients.