It’s been a shaky start for the crypto in November; the total crypto market cap has slumped from $4.4T on October 6th to $3.45T, recording an approximate loss of a trillion over a month-long span. Bitcoin declined by approximately 20% from its recent peak of $125,000, currently trading around $102,500.
But amid the chaos, big corporate buys through ETFs are happening behind the scenes, taking advantage of the market correction. A recent crypto news update exemplifies this: JP Morgan increased its spot Bitcoin ETF holdings by 64%.
This market activity by the bank, which broke a six-day red streak of ETF inflows, was strongly influenced by the $170,000 target of the largest crypto asset in the next six to twelve months. We share the latest crypto news updates and unveil a new alpha bet.
JP Morgan’s $170k Long-term Bet for Bitcoin Incites Another Accumulation
Bitcoin continues to struggle near the psychological $100,000 mark, representing a 6.82% weekly dip, but remains the market’s risk barometer. Headlines from several crypto news tabloids confirm that institutional inflows are back in the green, hinting at renewed optimism from corporate investors.
Crypto news update from the latest JP Morgan’s 13F regulatory filing reports that its brokerage clients now collectively hold 5.28 million shares of BlackRock’s iShares Bitcoin ETF (IBIT), valued at approximately $343 million (i.e., as of Sept. 30).
As a result of this development, the U.S. spot Bitcoin ETF snapped a six-day streak of outflows, and total shares held by JP Morgan have leaped to an impressive 64% quarter over quarter. Many experts interpret this as a bold statement of institutional conviction in Bitcoin amid volatility.
According to them, this renewed interest was spurred by JP Morgan’s projection of $170k for Bitcoin within the next 6-12 months.
Remittix (RTX): Reinventing International Payments
Elsewhere, Remittix (RTX) is becoming the benchmark for payment network infrastructures. Experts expect global users and remitters from underbanked regions to lean towards this innovative solution, accruing tens of trillions of dollars in the process.
By leveraging blockchain efficiency to provide an accessible and cost-effective payment infrastructure for everyday users, Remittix is bound to replace outdated systems like SWIFT.
That said, experts estimate global remittance flows to exceed $190 trillion annually, meaning even a small market share owned by investors like you could translate into substantial on-chain value.
Remittix tokens are available today at an affordable price of $0.1166 apiece, making it easy for investors to enter early before it sees a moonshot.
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