Bitcoin and DOGE Rally, But JPMorgan Warns Bitcoin Could Risk Further Loss In July
With the bitcoin price remaining volatile, many traders are looking to futures trading as a way to profit from price swings - no matter which direction the price is heading.
Although the crypto markets are still plagued by China FUD, the markets as a whole have recovered in recent days. Bitcoin tested the $29K psychological level once in late June, but has since rebounded to around the $35,000 resistance. Meanwhile, altcoins are rising steadily, with Doge up 46% from its June 21st low.
Despite the recent gain, the markets are still in a dangerous position. In a recent report, JPMorgan analysts opined that bitcoin’s fair value over the medium term is between $23,000 and $35,000. JPMorgan’s strategists are concerned that the potential unlocking of shares in the Grayscale Bitcoin Trust (GBTC) could pressure the price of bitcoin to drop deeper.
The Grayscale Bitcoin Trust is the largest Bitcoin fund offered with $21.9 billion in assets under management. The GBTC saw the highest monthly flows of $2 billion and $1.7 billion last December and last January respectively. A GBTC lock-up period will expire in July and investors may sell their shares as bitcoin has fallen considerably in the last two months.
The weekly GBTC premium to NAV has been below zero for over four months, indicating strong selling pressure. With the coming central-bank tapering of quantitative easing, investors are ditching bitcoin and turning to other traditional assets. In the short term, the prospects for bitcoin remain rocky.
How To Invest In The Downside?
Although bitcoin risks further price drops, you can still make profits from it. Futures trading is one of the most popular tools to grow your wealth. You can benefit from price swings to earn money by speculating on the direction of crypto’s price. Bexplus is a leading crypto derivatives platform registered as a Money Services Business (MSB) with Fincen in the U.S. Bexplus offers 100x leverage in BTC, ETH, EOS, LTC, and XRP futures contracts.
Join the latest promotion and get up to 0.05 BTC on Bexplus! You will be eligible to get a corresponding amount of BTC reward based on your accumulated deposit amount during the activity period. Up to 0.05 BTC is available. The more you deposit, the more you can get!
Bexplus requires no KYC so you only need to open an account with an email address, in just 1 minute. Once registration is complete, a trading account and a demo account with 10 BTC will be opened automatically.
Practice Your Skills With A Demo Account
Successful traders are those who learn to analyze the market and always keep a clear head. The best way to improve your skills and mindset is by practicing in the free demo account.
Every Bexplus user receives 10 BTC into a demo account at sign up and they are replenishable, so you can try out different strategies as often as you like.
Make A Deposit And Claim Bonuses
No deposit fee is needed. You can start your deposit at 0.001 BTC. Bexplus supports Bitcoin, ETH and several other cryptocurrencies as well as USD, EUR, and GBP deposits.
To help traders earn more profits, Bexplus offers a 100% deposit bonus to every trader. Deposit 1 BTC and you will get 2 BTC, and up to 10 BTC is available for each deposit. The bonus is not withdrawable but could be used as margin.
Earn Passive Income With Bexplus
When you are not trading, you can transfer your BTC to the interest-bearing wallet and enjoy up to 21% annualized interest.
The interest is calculated daily and the revenue of the deposit is settled monthly. The monthly interest is calculated as (SI/36530)=MI. S represents the sum of the deposit, where I stands for interest, and MI is the monthly interest.
Bexplus offers ethereum price prediction 2025, how to mine litecoin and xrp price prediction to help users keep up-to-date with the cryptocurrency industry.
The crypto market is full of opportunities, don’t hesitate to join and claim your profit!
Editorial Note: This is a sponsored article. Opinions expressed are solely those of the sponsor and readers should conduct their own due diligence before taking any action based on information presented in this article.
Brave New Coin reaches 500,000+ engaged crypto enthusiasts a month through our website, podcast, newsletters, and YouTube. Get your brand in front of key decision-makers and early adopters. Don’t wait – Secure your spot and drive real impact in Q4. Find out more today!