Hello as always, and welcome to today's edition of Overbit Insights.
This week's article begins with a new JPMorgan analysis in which their analysts attempt to predict the end of the bear market. According to sources, JPMorgan believes that the Bitcoin price decline will likely halt when the cryptocurrency's dominance exceeds 50%.
"I believe that's another signal to monitor here in terms of whether or not this bear phase is ended," according to the firm's analyst JPMorgan analyst Nikolaos Panigirtzoglou has expressed his thoughts on when the current Bitcoin bear market will end.
Regarding Bitcoin's share of the total cryptocurrency market cap, a healthy level is 50 per cent or more. That, I believe, is another indicator to keep an eye on to determine whether or not the bear market has ended, he continued.
"It was like 60% back at the beginning of April," According to the JPMorgan analyst, Bitcoin's relatively low market share is a negative indicator that shows demand in BTC remains relatively modest.
Panigirtzoglou, on the other hand, said that Bitcoin's market share had increased in recent weeks. Bitcoin presently has a 46 per cent market share, and the price of BTC is $34,609 at the time of writing, according to data from Bitcoin.com Markets. While the JPMorgan analyst sees little evidence of large investors purchasing the Bitcoin drop, he did note: That means that some institutional investors may find a relative value opportunity to buy Bitcoin and sell other cryptocurrencies.
Another JPMorgan expert stated last week that the cryptocurrency industry is recovering but is not yet healthy. Furthermore, the analyst described the crypto market's near-term prognosis as "difficult," predicting further sell-offs.
Closing out today's edition of Overbit Insights, we take a look at a new report examining the top 'crypto-ready' countries tracked by Crypto Head.
Crypto Head's 2021 Crypto Ready Index considered the number of crypto ATMs in each country and their accessibility, the legality of crypto and whether banks can use it, and the number of online searches for crypto-related terms in calculating a "crypto-ready" index for 200 countries and territories.
According to this brand new report, the United States ranks at number one with a 'crypto-ready' score of 7.13 out of town.
According to data collected by Crypto Head, the U.S. has 17,436 crypto ATMs – nearly 16,000 more than the second-ranked country in this category, Canada. That number is increasing in the U.S. as Bitcoin (BTC, +2.47%) ATM companies like Coin Cloud rapidly expand installations nationwide.
The study is indeed limited in scope, as is often the case with the fledgling industry that crypto is. One of the glaring holes in the study is a close review of regulations and tax laws in these respective countries, something which, of course, has a significant effect on capital markets. Nevertheless, it gives a great glimpse that didn't exist otherwise into how ready the world is for mass adoption, at least on a few factors.
As always, thanks for reading Overbit Insights.