JPMorgan Breaks Down November’s Crypto Meltdown
Crypto trading volumes took a tumble last month as the market suffered a broad-based pullback, according to Wall Street bank JPMorgan.
The bank flagged a sharp slowdown in stablecoin turnover, with average daily volume down 26% month-on-month, and significantly weaker decentralized finance (DeFi) and non-fungible token (NFT) volumes as well.
Concerns over leverage in the system, talk of a possible new crypto winter and underperformance versus equities all weighed on valuations and activity, overshadowing a handful of M&A deals and product launches, analysts led by Kenneth Worthington said in the Tuesday report.
Flows into U.S. listed crypto products also turned negative, the analysts wrote. U.S. bitcoin spot exchange-traded funds (ETFs)…
