Bitcoin Soars to $388k, Highest in Over a Year
JPMorgan Expresses Caution for Crypto Markets in 2024 Insights from First Mover AmericasJPMorgan is cautious about crypto markets in 2024.
Originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
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JPMorgan analysts are cautious about the cryptocurrency market, but they expect ether to outperform bitcoin and other cryptocurrencies. Why? Well, it’s all thanks to an upgrade called EIP-4844, or as I like to call it, “proto-danksharding”. Picture this: the Ethereum blockchain is like a crowded highway during rush hour. Proto-danksharding is the construction crew that comes in and splits that highway into different lanes or “shards”, making traffic flow faster. And we all know that faster transactions mean happier investors. It’s like upgrading from a bicycle to a Ferrari. The upgrade involves adding a new transaction type to Ethereum called the “blob-carrying transaction”. So get ready for some high-speed crypto action!
In another corner of the market, ARK Invest, led by Cathie Wood, made a bold move. They sold a chunk of Coinbase as the shares of the Nasdaq-listed crypto exchange skyrocketed to a 20-month high. Let’s call it the “Great Coinbase Sell-Off”. Now you may think, why would they sell when things are going so well? It’s like selling your bitcoin just as it’s about to reach the moon. But hey, they’ve got their finger on the pulse of the market, so maybe they know something we don’t.
Meanwhile, Cardano’s ecosystem is growing like wildfire. The value locked in Cardano’s projects reached new heights, surpassing previous records. It’s like an amusement park ride that’s so thrilling, people can’t help but line up for it. And the ADA token is riding the wave, seeing a 17% surge in just 24 hours. It’s like catching a wave on your surfboard and riding it all the way to the shore. Cardano is giving Ethereum a run for its money as investors search for greener pastures.
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Chart of the Day
Here we have a chart that shows the ratio of open bitcoin puts and calls across derivative exchanges. Put-call open interest ratio, huh? Sounds complicated, right? Well, think of it as a seesaw in a playground. When the ratio goes up, it means more people are leaning towards the “puts” side, which offers downside protection. But don’t worry, overall, the ratio is still below 1, so investors are feeling bullish. It’s like a playground full of happy kids on a sunny day. Fun times all around!
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So, fellow crypto enthusiasts, remember to buckle up and enjoy the ride! The crypto market is full of surprises, and there’s never a dull moment. Whether it’s bitcoin reaching new heights, Cardano breaking records, or Cathie Wood making bold moves, there’s always something to keep us on our toes. Stay informed, stay curious, and keep investing in the future. Together, we’ll reach the moon and beyond!
Edited by Sheldon Reback.
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