JP Morgan told that overnight, were $400 billion was withdrawn from the cryptocurrency market.
After a number of cryptocurrencies, including bitcoin and Ethereum, have shown several times the growth since the beginning of this year, and the market for digital assets itself has grown by 11 times, investors withdrew $400 billion in just the last 24 hours. Bitcoin accounted for most of the losses – about $300 billion, but altcoins also saw a significant decline in prices.
As a result, bitcoin’s dominance rose again, to 43.2%. Bitcoin, Ethereum and Dogecoin, three popular digital assets, have fallen 50% in the past two days, showing a strong downward correction. Dogecoin has fallen three times from its high of the year.
What’s next? America’s largest bank, JP Morgan, announced that:
“There has been a continued decline in institutional investor interest in the bitcoin market, but it is too early to characterize the situation as a state of oversold bitcoin.”
Experts of the organization believe that the situation in the market can, however, lead to a further decline in the price of the cryptocurrency number one to 26 thousand dollars. Apparently, this can be a kind of technical “bottom” for the price of the key digital asset for some period of time.
Meanwhile, Michael Saylor, head of MicroStrategy, a classic institutional organization whose shares are traded on Nasdaq, announced that “the entities I control have purchased 111,000 bitcoins and have not sold a single satoshi.”
To recap, earlier it was reported that on the eve of the strong collapse of the market on May 19 MicroStrategy itself acquired 229 bitcoins, increasing the number of bitcoins on its balance sheet to 92.079 thousand BTC. It is worth noting that despite the fall in the price of bitcoin, compared with the beginning of the year it rose by 30%, and in the dynamics of 12 months showed a threefold growth.