J.P. Morgan Optimistic About Crypto Market Outlook as Russians Clamor to 'Embrace' Bitcoin

The crypto market may have more upside as more and more Russians turn to cryptocurrencies as the Russian ruble depreciates sharply, JPMorgan Chase highlighted in a report.

JPMorgan said stablecoins have soared to a record high market share of about 10 percent across the cryptocurrency market, which typically means people will use it to buy cryptocurrencies.

The bank said ruble-denominated bitcoin trading spiked to nearly 1.5 billion rubles on the day of last Thursday's geopolitical conflict, and bitcoin trading spiked again on Monday of this week, suggesting that some Russians are responding to the devaluation of their fiat currency by buying bitcoin.