Cryptocurrency30 minutes ago (Jun 10, 2021 07:00AM ET)JPMorgan points to weak Bitcoin futures as signal for bear market
JPMorgan’s cryptocurrency market analysts have pointed to the difference between Bitcoin’s (BTC) spot prices and BTC futures prices as a potential bearish sign for the market.
In a Thursday note to clients, JPMorgan (NYSE:JPM) analysts led by global market strategist Nikolaos Panigirtzoglou wrote that the Bitcoin market has returned to backwardation — a situation when the spot price is above futures prices. The analysts said that the past month’s correction in crypto markets saw Bitcoin futures reversing into backwardation for the first time since 2018.Bitcoin dominance percentage all-time chart. Source: CoinMarketCap