PANews reported on February 11 that according to CoinDesk, Wall Street bank JPMorgan Chase (JPM) cited TradingView data in a research report released on Tuesday, pointing out that the crypto ecosystem slowed down in January and total trading volume fell by 24%. However, the report said that the current activity is still twice that before the US election in November last year, and the total market value has increased by 8% to about US$3.4 trillion. Among them, the market value growth of Bitcoin, SOL and XRP is particularly significant, but the average daily trading volume (ADV) of the entire crypto ecosystem has generally declined.
JPMorgan's analyst team (led by Kenneth Worthington) wrote in the report: "We believe that the US election is undoubtedly a catalyst, and market activity and token price levels after the election are finding a new balance point." In addition, the report also pointed out that DeFi and NFT performed relatively poorly on a monthly basis, and multiple key indicators showed a significant deterioration. In terms of regulation, some progress has also been made. JPMorgan mentioned that the newly elected Trump administration has established a new cryptocurrency working group and revoked the controversial accounting rule SAB 121.
