Wall Street giant JP Morgan (JPM) is cautious about the crypto market through 2024, but upgrades to increase the scalability of the Ethereum blockchain will allow Ether (ETH) to become more competitive with Bitcoin (BTC) and other cryptocurrencies. He said he expects the company to outperform.
The U.S. Securities and Exchange Commission's (SEC) decision on whether to approve a spot Bitcoin exchange-traded fund (ETF) is unlikely to spur a big rally, the commission said in a report on Wednesday.
“If the SEC approves a spot Bitcoin ETF early next year, we will likely see a rumor-buying/fact-selling effect,” said analysts led by Nikolaos Panigirtzoglou.
“Excessive optimism by crypto investors Approval is imminent “The SEC's increase in Spot Bitcoin ETFs has pushed Bitcoin to overbought levels seen in 2021,” JPMorgan said, adding that 2024 is Bitcoin halving Events are “almost baked in.”
ether can glow EIP-4844 Upgrade, or protodunk sharding. It is an evolution of sharding and uses dank sharding to increase transaction speed by dividing the network into shards. Dunk sharding uses shards to create more space for data groups. Protodunk Sharding involves adding a new transaction type to Ethereum: “BLOB Conveyance Transactions.”
The bank notes that while there will be a “reinvigoration” in venture capital (VC) funding in the fourth quarter of 2023, it looks “quite tentative.”
Although there has been some improvement in decentralized finance (DeFi) activity, “the biggest disappointment continues to be DeFi’s inability to penetrate traditional financial systems. “This is necessary for transition to real-world applications,” the report added.
