E Point Perfect

JPMorgan Says You Should Sell Your Crypto

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Alex Dovbnya

JPMorgan’s David Kelly believes that crypto will see more downside pressure after the Fed signaled that there would no dovish pivot

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

David Kelly, chief global strategist at JPMorgan Asset Management, claims that investors should dump cryptocurrencies, Bloomberg reports.

Kelly is convinced that the persistent hawkishness of the U.S. Federal Reserve will spell more trouble for digital assets.

He is also bearish on large-cap tech stocks. Bitcoin has been trading in tandem with the tech-heavy Nasdaq 100 index this year, failing to act as an inflation hedge.

The Bitcoin price is trading above $20,000 at press time after falling below the pivotal level.

Last month, JPMorgan noted that the top cryptocurrency’s cost of production dropped to just $13,000.

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