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JPMorgan Compares the Recent Crypto Plunge to 2017

(Photo by GLYN KIRK/AFP via Getty Images)

(Photo by GLYN KIRK/AFP via Getty Images)

I wrote on Sunday that the violent action in crypto bore some resemblance to the market peak in December 2017-January 2018. Since then we’ve seen a bit of a rebound, although the big coins are still well off their recent highs. Here's Ethereum:

In a fresh note out last night, JPMorgan Chase’s head of interest-rate derivatives strategy Josh Younger (who has been writing a lot about crypto lately!) published a note getting at the same idea, that this market bears a resemblance to that peak.