Crypto Market Is Skeptical About the Formation of a U.S. Strategic Reserve: JPMorgan
Cryptocurrency markets are likely to remain under pressure in the short term owing to a lack of positive catalysts and skepticism about whether Congress will approve a U.S. strategic crypto reserve, JPMorgan (JPM) said in a research report Wednesday.
“Not only is there skepticism about congressional approval for such a strategic crypto reserve, but also the feasibility of including smaller tokens outside bitcoin (BTC) and ether (ETH) given their high risk and volatility,” analysts led by Nikolaos Panigirtzoglou wrote.
On Thursday, President Donald Trump directed his administration to establish a Bitcoin Strategic Reserve to hold the assets that have been seized by the government. He also called for a stockpile of other crypto assets,…
