A recent survey by banking giant JPMorgan has sent mixed messages regarding the attitude towards crypto assets from institutional traders.
In its latest e-trading trends survey of 835 institutional traders, investment bank JPMorgan attempted to gauge market sentiment for the coming year.A question regarding electronic trading, which included crypto, commodities, and derivatives, saw an overwhelmingly positive response.58% was the response to a question regarding the volume of crypto traded on e-trading platforms in 2023.
JP Morgan CEO, Jamie Dimon, has been very outspoken about Bitcoin and its brethren. In his latest tirade, he referred to the world’s largest digital asset as a “pet rock.” In May 2021, he advised people to stay away from cryptocurrencies. Six months later, crypto markets had surged more than 100% to a new all-time high.
Naturally, mainstream media ran with the negative sentiment, and headlines such as “crypto is now toxic on Wall Street” haveEssentially, these surveys can largely be disregarded since they poll such a tiny number of respondents and do not paint an accurate picture of overall market sentiment, which has been bullish so far this year.Crypto markets have surged 3.4% on the day to reach their highest levels since mid-August. Total market capitalization is currently $1.
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