Key Points:
“The U.S.-based arm of Binance has called off its deal with Voyager,” analysts led by Nikolaos Panigirtzoglou stated in a report. “While Coinbase launched Coinbase International, a crypto derivatives exchange outside of the U.S., as a proactive measure in response to rising U.S. regulatory pressures.”
According to JPMorgan, the crackdown has increased the amount of pressure placed on cryptocurrency companies; however, more crucially, there is still no clarity on important topics such as the classification of ether (ETH) as a security, which will ultimately have an effect on the demand for cryptocurrencies and their liquidity.
The regulatory crackdown has also “deterred institutional investors from engaging with crypto,” and as a result, investors have been purchasing gold rather than bitcoin (BTC) as a hedge against the possibility of a “catastrophic scenario” in the wake of the failure of Silicon Valley Bank, according to the note.
According to the statement made by JPMorgan, it appears that ordinary buyers rather than institutional investors have been driving Bitcoin’s surge this year. The greatest digital currency has seen its value increase by 76% so far in 2018.
Based on the JPMorgan analysis, Bitcoin Ordinals have been another factor contributing to the cryptocurrency’s outperformance. A new protocol known as Ordinals has been developed that makes it possible to hold non-fungible tokens (NFTs) on the Bitcoin network.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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