JPMorgan Appoints Silver Lining to Ongoing Crypto Crisis

In a recent note, JPMorgan analysts opined that the current cryptocurrency crisis could actually push the cryptocurrency industry two steps forward.

The leading US banking institution believes that the sudden implosion of the FTX cryptocurrency empire is likely to cause regulators to speed up cryptocurrency rules.

According to JPMorgan, having a comprehensive regulatory framework in place would be a boon to institutional adoption.

The bank also noted that all recent cryptocurrency crashes have come from centralized industry players, not decentralized protocols. This could potentially bode well for the decentralized finance (DeFi) sector.

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As reported by U.TodayJPMorgan recently predicted that Bitcoin price would crash to $13,000 due to FTX contagion as the market struggled to cope with a cascade of margin calls.

Earlier today, the price of the biggest cryptocurrency continued to tumble after the embattled cryptocurrency exchange filed for bankruptcy.

Binance CEO Changpeng Zhao recently predicted that the current cryptocurrency crisis could worsen, comparing it to the financial crash of 2008.