Bitcoin Risks Breaking $9K as JP Morgan Warns $170B Stock Market Sell-off
Analysts at JP Morgan Chase predicted that pensions funds would most likely dump $170 billion worth of their equity positions at the end of the second quarter. It would leave Bitcoin under similar bearish spell owing to its growing positive correlation with the SP 500 index.
Analysts at JP Morgan said in a note published last week that they expect pension funds to dump about $175 billion worth of equities as a part of their quarterly portfolio rebalancing strategy. JP Morgan analysts estimated that pensions funds increased their exposure in the stock market during its euphoric uptrend between March and June.