Crypto Market Lacks Major Near-Term Catalysts, JPMorgan Says

Stablecoins were the outlier, as total market cap grew and volumes also increased from the prior month, the bank said.

Total crypto market was $2.02 trillion at the end of last month, a 24% decline from the March peak, JPMorgan noted in a research report on Friday, saying it awaits the next catalyst for development and"enhanced retail engagement." "Overall, we continue to see the crypto ecosystem lacking major catalysts, and we thus expect crypto token and asset prices to be incrementally more sensitive to macro factors," analysts led by Kenneth Worthington wrote.ADVs increasing by more than 10% month-on-month, the report said. The price of bitcoin, the world's largest cryptocurrency, fell 8.7% last month, CoinDesk Indices data show.

Stablecoins were an outlier, as market caps grew from the previous month and volumes also increased compared with July, the bank noted.in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

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