Top Canada-Based Asset Management Firm Yet To Decide On Cryptocurrencies
A Bloomberg report has disclosed that one of Canada’s leading asset management companies, IGM Financial, hasn’t made a decision on whether to start digital asset management services. The company’s chief executive, James O’Sullivan, confirmed this viewpoint to Bloomberg during a recent interview.
The Launch Will Be Next Year Even If A Favorable Decision Is Taken
O’Sullivan further disclosed that even if the firm decides to launch its crypto-related products, it will do so next year as the company cannot accommodate such launch into its program again this year.
Analysts estimate that IGM Financial currently manages over $260B worth of assets. Earlier in the year, Canada became the first nation to pass BTC ETF products to enhance the global adoption of the leading cryptocurrency.
JPMorgan Is Convinced Ether Will Continue To Perform Better Than Bitcoin
America’s Macrobank, JPMorgan, has detailed a report outlining the basis with which Ethereum will be a better performer than bitcoin. One of the bank’s top blockchain analysts opined that Ethereum’s lead in the DeFi space is one primary reason for its better performance than bitcoin. He further stated that there are more ether use cases than BTC right now, especially in terms of NFTs and stablecoins. A DefiPulse data disclosed that the entire worth of DeFi projects locked in Ethereum is now almost $110b.
The top analysts reiterated that BTC thrives in low-interest conditions, which establishes flaws in the traditional financial system. But, this might no longer happen as apex banks start withdrawing their support for BTC following the establishment of a national digital currency and the increase in bond yields. “there would be less pressure on BTC (similar to the way there is now less pressure on gold because of BTC) as bond yields increase and monetary policy becomes normalized eventually,” he further added.
Ether’s Edge And Its Bullish Price Prediction
The analyst further argued that as Ethereum becomes a proof-of-stake network, it would no longer be subject to environmental issues, unlike its main rival. Despite the bank’s belief that ether will outperform BTC, it still believes that both digital assets are overvalued. It opined that BTC’s fair value should be $36K. Eth set a new peak price of $4,675 three days ago, while BTC recently set a new all-time high of almost $68K.
Despite its failure to surpass the $4.4K level yesterday, eth found support at almost $4.45K. Hence, analysts forecast that eth might embark on another bullish run this coming week. There have been mixed performances in the market over the past 24 hours. SHIB is the best performer during this period, gaining 14%, while BTC and eth gained 0.94% and 0.74%, respectively.
The eth price action within the past 24 hours indicates low volatility as ETH fluctuates around the $4.5K region. Ether’s trading volume has also dipped by 22%, with its total market cap at about $535B. The sideways movement of eth on the 4-hour chart indicates a potential reversal even though eth has established a new higher low.
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