JPMorgan Warns About A Bitcoin Bear Market

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JPMorgan Warns About A Bitcoin Bear Market
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JPMorgan Chase & Co. (NYSE:JPM) sees signs that a bear market may be coming in bitcoin. In a recent note, the firm warned about backwardation, in which futures prices lag behind the spot price. JPMorgan strategists believe that the return to backwardation in recent weeks suggests a bear market is here.

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JPMorgan warns about possible bitcoin bear market

Bitcoin gained about 14% in just two days of trading, triggering a new round of momentum that has pleased enthusiasts.

In addition to backwardation, strategist Nikolaos Panigirtzoglou and his team of strategists also warned about bitcoin’s declining share of the value of the total cryptocurrency market. They based their analysis on the 21-day rolling average of the second bitcoin futures spread over spot prices.

The JPMorgan team noted that the cryptocurrency’s fu