JPMorgan Chase, one of the biggest banks in the United States and the entire world, analyzed the March crash of the cryptocurrency market and published a report on the results of this research. Bitcoin occupies the lion's share of the report. So, the analysts made the conclusion that the BTC market is getting mature, which is confirmed by a strong correlation with most stock markets.
JPMorgan Is Positive On Bitcoin
The sudden market crash that took place in March 2020 was caused by the COVID-19 pandemic. Apparently, it became subject to multiple research works. According to JPMorgan experts, Bitcoin managed to survive the crash and remained almost intact, which testifies to its maturity as a financial asset, which means that the coin is to stay at the top of the global financial environment for years to come.
It's interesting to note that not so long ago, the bank's CEO Jamie Dimon called Bitcoin a scam. Even though he made his apologies for such a statement in a couple of days, the community still despised him. However, the very fact that a major bank has changed their mind regarding BTC is positive sign for the crypto market.
Better yet, there are rumors that JPMorgan has bee loading up on BTC since they changed their mind. And the very fact of JPMorgan's loyalty to Bitcoin is backed by May's reports made by Coinbase and Gemini, two major cryptocurrency exchanges.
Report Indicates BTC Weaknesses
Despite the positive mood of the report, it indicates the weak spots of the world's first and biggest cryptocurrency. One of them is the fact that BTC has been used for speculative purposes rather than value storage and exchange, which is something most professional traders think as well. On the other hand, many of those traders can and do benefit from both ups and downs of the BTC exchange rate, NordFX experts say. The report also indicates correlations with riskier assets like stocks.
