Bitcoin Price Catalyst: Bitcoin Now Available At USA’s Biggest Bank
Top crypto KOL Lark Davis shares with his subscribers the top Bitcoin (BTC) news that is the price catalyst for a potential massive fourth-quarter rally.
At the time of the video, BTC was trading at $31,000. Although the price has slightly recovered from the crash of $29,000, Davis points out an on-chain metric saying the bear movement is not yet over: Short-term Holder MVRV.
This on-chain metric measures deviation of price away from the realized price (STH cohort cost basis). Very low values indicate STHs are holding coins significantly below their acquisition cost. In bearish trends, this has typically aligned with capitulation events.
Another interesting metric is that the open interest for CME’s Bitcoin futures doubled from $1.25 billion on July 19 to $2.5 billion on July 20 after institutions positioned themselves “slightly net long after an extended period of being short.”
“According to CME’s trades, institutions are now positioned slightly net long after an extended period of being net short,”
JP Morgan to give all wealth clients access to crypto funds
JPMorgan Chase & Co will allow all of its wealth management clients access to cryptocurrency funds. As the crypto KOL cites from the report, the bank told its financial advisers in a memo earlier this week to take buy and sell orders from its wealth management clients for five cryptocurrency products effective July 19.
The move marks a capitulation for JPMorgan, whose CEO, Jamie Dimon, threatened to fire employees who traded bitcoin back in 2017. But Dimon has since become softer on BTC, having said in May that clients are demanding exposure.
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