Bitcoin (BTC) has been trading in a narrow range of +/-2% around $36,500 in the last 24 hours, with investors are still waiting for a sign as to where the leading cryptocurrency’s price could go next.
The outlook is not bright, after news emerged yesterday of a JPMorgan report that estimates bitcoin could dive further to $24,000. “There is little doubt that the boom and bust dynamics of the past weeks represent a setback to the institutional adoption of crypto markets and in particular of bitcoin and ethereum,” says the report, quoted by Coindesk.com.
JPMorgan’s crypto analyst Nikolaos Panigirtzoglou, who wrote the report, sees the medium-term fair value for bitcoin between $24,000 and $36,000. Meanwhile, the technical signals on bitcoin’s price chart are mostly negative.
Dogecoin jumps on Coinbase listing
Dogecoin (DOGE), the meme cryptocurrency that took everyone by surprise this year, got another boost on Tuesday 1 June after Coinbase, one of the top crypto exchanges, announce that it would allow Coinbase Pro account holders to trade dogecoin. However, Coinbase’s retail clients cannot yet trade dogecoin.
Dogecoin rallied over 14% in the last 24 hours and recovered most of the losses in the previous week. The currency's trading volume also doubled in the last 24 hours, according to data from Coinmarketcap.com.
Dogecoin is currently trading at around $0.377, up 78 times since the beginning of this year. However, It has lost almost 50% from the all-time high of $0.7376 it attained on 8 May.