Nikolaos Panigirtzoglou, a JPMorgan analyst, believes the worst of the Bitcoin price decline has passed. Recently, there have been some positive developments in the crypto market, such as the introduction of the dollar-pegged stablecoin and the launch of Coinbase Global Inc.’s “Base” platform.

However, despite these positive developments, investors are still staying away from the market due to a lack of regulatory clarity. The Securities & Exchange Commission has appealed a recent decision in Ripple’s favour, which could mean a court trial won’t be concluded until next year. This has created a new level of legal uncertainty.

Fed Chair Powell also said at the Jackson Hole symposium that rates may go even higher from here, which does not bode well for the cryptocurrencies either.

In conclusion, it appears the worst for Bitcoin may have passed, but investors are still hesitant due to the uncertainty in the market.