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JP Morgan executive expects a massive crypto rally to arrive

The digital currency market has been exposed to rather unfavorable conditions for nearly a full year now, after starting in mid-November 2021. Around this time, Bitcoin, as well as most altcoins, have reached their new ATHs and that concluded the bullish part of the cycle that cryptocurrencies are following, leading directly to a price drop that has been pushing the prices down ever since.

The price crash has also been increased due to unfavorable macroeconomic conditions, and the US Federal Reserve has so far been unable to prevent inflation in any significant way. While the situation does not seem favorable, there are some that believe that the situation will turn for the better, and relatively soon, at that.

Of course, most skeptics would argue that this is just wishful thinking by optimists, but such arguments lose weight when positive expectations come from someone as influential and respected as the Global Head at the financial services leader JP Morgan.

JP Morgan’s executive expects a rally in months to come

According to Marko Kolanovic, the Global Head at JP Morgan — there is reason to hope for the near future of the crypto industry. Kolanovic revealed his views on the matter, noting that he and JP Morgan, in general, believe that the bottom for the so-called risk assets is very near, and that the same is true for the stock market. With this being the case, he is very bullish on the market in its current state.

Right now, the market does not really impress since Bitcoin price has crashed by over 12% in a single week, dropping below the $18.5k mark for the first time in a long while. Bitcoin is only the tip of the iceberg, of course, and the second largest cryptocurrency by market cap — Ethereum — has also saw a major crash of nearly 20%, despite its merge that saw its blockchain finally make a move towards switching to Proof of Stake. The rest of the altcoin market is in a similar state, but despite that, Kolanovic said that the performance of corporate earnings is still significantly better than expected. This directly supports JP Morgan’s and Kolanovic’s bullish stance.

Kolanovic added that low investor positioning is also a good thing for the market in the long term. As for the Federal Reserve, Marko expects it to continue with the hawkish stance that it has been displaying thus far. He predicts the Fed’s decision to settle at the 75 bps interest rate hike, but also that there is a possibility of a 100 bps hike in the future.

The negative expectations of the market, which predict long-term inflation, will actually have the opposite effect, according to him, and will prevent the further slide of the market. With all that said, Kolanovic concluded by saying that the Fed will most likely start cutting interest rates in mere months, meaning early 2023 and that a strong rally can be expected as a consequence.

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Crypto Experts Set to Join PH Blockchain Week 2022

Sign up with your email and never miss another crypto and NFT stories from the Philippines and beyond! Editing by Nathaniel Cajuday International and local web3 experts are expected to highlight the first-ever Philippine Blockchain Week on November 28 to December 4, 2022, at the Marriott Grand Ballroom of the Newport World Resorts in Pasay::Listen

Editing by Nathaniel Cajuday

International and local web3 experts are expected to highlight the first-ever Philippine Blockchain Week on November 28 to December 4, 2022, at the Marriott Grand Ballroom of the Newport World Resorts in Pasay City.

ā€œWe have gathered experts from the blockchain ecosystem to discuss this technological advancement and how companies and people can benefit from it. The Philippine Blockchain Week also lets investors and businesses network and explore opportunities in the Philippine market,ā€ said Donald Lim, the chief operating officer (COO) of Dito CME and the lead convenor of the event.

Henry Aguda, the Senior Executive Vice President of the crypto-friendly bank Unionbank, will be part of the panel. Recently, the bank, which started offering crypto last month, launched its UnionBank Innovation Campus, which was envisioned to be the leading research and technology hub in the country last September 9, 2022. (Read more: Marcos Inaugurates UnionBank Innovation Hub)

Moreover, the event convenor announced during a press conference that the Philippines has the potential to become a ā€œblockchain capital of Asia.ā€ (Read more: PH can be the ā€˜Blockchain Capital of Asiaā€™ ā€“ DITO Exec)

ā€œIf you remember the year 2000, the Philippines was the text capital of the world. In 2010, we were the social media capital of the world. Thatā€™s why I think this time we can be the blockchain capital, if not the world, then at least in Asia. And we have to play our cards right in order for that to happen,ā€ he noted.

Further, aside from inviting members, according to the other lead convenor of the event, Women of Substance NFT founder Chezka Gonzales, the organizers are also targeting students to be their attendees.

ā€œThis is a good opportunity for them to learn more about this digital evolution and how it has affected and will affect the way things will be done in the future,ā€ she stated.

The other organizers of the event are Rico Pang, Group chief executive officer (CEO) of Sanctum Global Ventures; Kate Hancock, founder of Metaverse XYZ; Daniel Robbins, CEO of IBH Media; Oscar Tan Abing, Jr., founder & CEO of Anotoys Collectiverse; Jay Ha, co-founder of IP3; James Lim, CEO of Meta Persona; and Tara Kwon, co-founder of Hyped Collective.

Other speakers are:

  • Vilma Matilla, Founder, 5ire, Venture Capitalist Advisor of Dreammaker Techstars
  • Jay Ha, Co-founder, IP3
  • Ida Mok, Founder, Fluidity Money, SEHAT Health, Spool Labs
  • Datin Ezdiani Baharoodin, Co-founder, Coinbox Finance
  • Datoā€™ Arai Ezzra, Co-founder, Coinbox Finance
  • Alex Filatov, Co-founder & CEO, EverX (Everscale Network)
  • Jasmine Ng, Founder, Wahine Capital, & EnGame Deputy CEO, ReGov Tech
  • Mohamed D.w., Co-founder & Director, Pentas.io
  • Belinda Lim, Co-founder, Avarta
  • Val Wise, Co-founder, Wise Metaverse Reality (WMR)
  • Bree Yek, CEO, Carb0nfi
  • Christopher Star, Co-founder, Web3 PH
  • Melissa Kurtcan, Co-founder, S21 Founder, Eurydice UK
  • RC Pajaro, Co-founder, NFT Philippines
  • Nicole Yap, Founder, 8sian
  • JX Cham, CEO, MetaU
  • Gail Macapagal, Founder, Women in Blockchain PH
  • Craig Wilson, NFT Visionary, Strategist and Consultant, Hederbycollection.io
  • Jin Gonzales, Founder, OZ Finance
  • Igneus Terrenus, Head of Comms and Policy, Bybit
  • Kyle Lenout, Web3 Developer & Project Advisor, Kyleā€™n out LLC
  • Randy Knutson, President/CEO, DynaQuest
  • Sandra H, Head of Metaverse and NFT, Ziliqia
  • Rone de Beauvior, Founder/CEO, Xcel Crypto Partners

What is the Philippine Blockchain Week?

Inspired by the meta-universe movie ā€œMatrix,ā€ the event is also called the ā€œChaintrix,ā€ which aims to educate more Filipinos about the uses and opportunities brought by blockchain technology for the countryā€™s various industries.

The activities for Chaintrix include plenary sessions with experts about blockchain, fintech & metaverse, a job fair, business speed dating, golf tournament, NFT gallery, concert, pool party, toy exhibit, gaming expo & tournaments, and hackathons, among others.

This article is published on BitPinas: Crypto Experts Set to Join PH Blockchain Week 2022

Disclaimer: BitPinas articles and its external content are not financial advice. The team serves to deliver independent, unbiased news to provide information for Philippine-crypto and beyond.

The post Crypto Experts Set to Join PH Blockchain Week 2022 appeared first on BitPinas.

JP Morgan executive expects a massive crypto rally to arrive

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