JP Morgan Changes His Forecast, Crypto Market Will Be Bullish!

<p>&nbsp;"It is true that crypto will rise but the question now is when."</p><p><br /></p><p>Michael Feroli, Chief Economist of JP Morgan &amp; Co no longer predicts the United States (US) will face a recession after seeing its economic growth is positive following robust development.</p><p><br /></p><p>Following that, JP Morgan promptly raised its real annual Gross Domestic Product (GDP) growth forecast for the ongoing quarter from 0.5% to 2.5%, a huge jump reflecting the rapid pace of economic growth.</p><p><br /></p><p>According to Raphael Bostic, the President of the Atlanta Federal Reserve (Fed), the discussion about the central bank's stance on interest rates has been sparked due to this changing economic environment.</p><p><br /></p><p><br /></p><p>As such, interest rate hikes may have an impact on various parties, commented Bostic, adding that although the United States (US) employment report in July fell short of expectations, the unemployment rate appears to have remained stable at 3.5%.</p><p><br /></p><p>Following the Bank of America (BoA) and the Fed realigning their views on the economy, changes in overall sentiment are expected to change as well.</p><p><br /></p><p>So here it can be seen that the cryptocurrency market will be in focus due to the financial market reacting to the latest projections of JP Morgan and this means that sentiment including prices may be more positive in the future.</p><p><br /></p><p>There is no denying that economic development is one of the factors that push crypto prices up, but the adaptability and unique qualities that a digital asset has can give it success despite the changing environment.</p><p><br /></p><p>As of this writing, the price of Bitcoin (BTC) has jumped 0.23% to $29,100 in the past 24 hours while Ethereum (ETH) has seen a 0.22% decrease at $1,830 and Ripple (XRP) has slipped 1.05% to $0.62.</p>