JP Morgan: Surge in retail interest in cryptocurrencies drives recent cryptocurrency price rebound
Morgan Stanley said the recent rebound in cryptocurrency prices seems to have been driven by impulsive decisions made by individual traders, rather than institutional investors or market fundamentals. Analysts believe that the surge in interest in cryptocurrencies among retail investors in February may have driven the rise in cryptocurrency prices, and pointed out that the three main catalysts for the price spike are the Bitcoin halving event, the next major upgrade of the Ethereum network - Dencon, and the possibility of the US approving a spot Ethereum ETF in May. The first two catalysts have largely been "priced in", while the chance of approving an Ethereum ETF in May is only 50%.
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