US crypto market characterized by topbuying herdlike behavior, JPMorgan finds

A new report from JPMorgan Chase & Co. concludes that the U.S. crypto market exhibits characteristics of “herd-like behavior.”.It also finds that men participate more broadly and deeply in the crypto market, as well as Asian individuals and younger individuals with higher incomes. The majority of U.S. households were likely facing significant losses in percentage terms at cryptocurrency prices prevailing in late-2022,” it adds. The report — with a sample size of almost 5 million active checking account customers — finds that the COVID-19 pandemic was the primary driver for pushing nearly 15 percent of U.S. households into the crypto market. Asian individuals and younger individuals with higher incomes.