Is Bitcoin headed for a bear market?
- Date: 10-Jun-2021
- Source: The National
- Sector:Financial Markets
- Country:Middle East
Is Bitcoin headed for a bear market?
Bitcoin's recent bounce has yet to dispel doubts about its vulnerability.
The cryptocurrency has jumped 10 per cent over two days and was trading at $36,993 as of 9am in London (12pm UAE time) on Thursday. While the momentum may cheer bulls, a JPMorgan Chase team said backwardation in the futures market – where the spot price is above futures prices – is a reason for caution.
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