Wall Street giant JP Morgan (JPM) said it is cautious about the virtual currency market until 2024, but has high expectations for Ether. [ETH] Outperforms Bitcoin [BTC] Other cryptocurrencies with upgrades that make the Ethereum blockchain more scalable.
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 Upgradeor protodunk sharding. It is an evolution of sharding, which uses Danksharding, which divides the network into shards to increase transaction speed and uses shards to increase space for groups of data. Protodunk Sharding involves adding a new transaction type to Ethereum: “BLOB Conveyance Transactions.”
The bank notes that there was some “revitalization” in venture capital (VC) funding in the fourth quarter of 2023, but that appears to be “quite tentative.”
While 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.
read more: JP Morgan says crypto market rally looks overdone
