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Bitcoin's recent bounce has yet to dispel doubts about its vulnerability.
The cryptocurrency jumped by 10 per cent in two days, or more, of the lowest in the $36-per-993, at 9 am in London on Thursday. While the pace may be a bil?ydin the bull, the team at JPMorgan Chase & Co., Ltd. is said to be the only team in the futures market, in which the spot price is higher than the futures price, that is, a reason to care.
"We think that in the back of backwardation, in the last couple of weeks has been that the negative signal of a bear market," JPMorgan strategists led by Nikolaos Panigirtzoglou wrote in a note. They also added that Bitcoin is a relatively low percentage of the total value of the crypto-market is another worrying trend.
Traders are waiting for the next catalyst will be the breaking of Bitcoin from the $30,000 to $ 40,000 range that has been available since the collapse of the all-time high of nearly $65,000 in April. Among the obstacles to the public's criticism of the digital currency to the energy needs of a billionaire, Elon Musk, and the Chinese turn on the regulator. The bulls acquired a city on Wednesday, after, and El Salvador has made Bitcoin legal tender.
It is a virtual currency, "we need to break the $39,460, and the top of the recent range, in order to really get the attention, but we need to see through it to the bulls, who know that we're out and about, and then said," Chris Weston, head of research at Pepperstone Financial Pty, said on Thursday.
On June 9, JPMorgan released a 21-day moving average of the 2, the bitcoin futures contracts in the spot rate. Lagging behind in this spot, "an extraordinary development, and the back of the slowdown in demand for bitcoin, the moment of institutional investors that use of the contacts listed on the Chicago Mercantile Exchange.
A big month for bitcoin, backwardation, the majority of the year 2018 saw cryptocurrency dropping from 74% in after an impressive boom, " jp morgan said.
However, the share of Bitcoin in the total value of the crypto market is now 42%, respectively, compared with nearly 70 per cent since the beginning of the year, according to a tracker CoinGecko. Some of the analysts are, as a non-professional investor to take up the coins.
Bitcoin's share may not be more than 50% in order to make it easier to argue that the current bear market is over, and the JPMorgan strategists said.
