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JPMorgan warns of crypto market risks ahead of second half
JPMorgan has shifted to a more cautious view on digital assets, arguing that the crypto market’s second-half performance may depend on two unresolved issues: Strategy’s Bitcoin funding model and the fate of the CLARITY Act in Washington. JPMorgan said Strategy’s recent sale of 32 Bitcoin was small in scale but important as a signal. The bank’s concern is not the size of that transaction but whether the company may have to continue selling Bitcoin to fund dividends on its preferred stock. Strategy remains one of the largest corporate holders of Bitcoin, which makes any change in its treasury behavior ... (full story)