This week, China sent bitcoin tumbling further after it declared all cryptocurrency-related financial activities illegal—wiping $150 billion worth of value from the combined crypto market. Ahead of China's latest bitcoin and crypto crackdown, analysts at Wall Street giant JPMorgan JPM have warned big investors have begun pivoting out of bitcoin futures and into ethereum amid a "strong divergence in demand." The 21-day average ethereum futures premium rose to 1% over actual ether prices, according to CME data cited by JPMorgan. CryptoCodex—A free, daily newsletter for the crypto-curiousMORE FROM FORBES '$500,000 In Five Years'-Elon Musk And Tesla Devotee Cathie Wood Reveals Huge Bitcoin And Ethereum Price PredictionsThe bitcoin price has lost around 15% over the last 30 days, with the ethereum price falling by ... [+] almost 20%. However, it's feared the latest crypto clampdown in China could slow crypto adoption.

Source: Forbes September 26, 2021 10:07 UTC