JPMorgans Jamie Dimon May Love Blockchain, But He Still Hates Bitcoin
Jamie Dimon, CEO of the financial juggernaut JPMorgan Chase, has consistently derived Bitcoin and once again expressed his dislike for the preeminent crypto.
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Jamie Dimon, CEO of the financial juggernaut JPMorgan Chase, has consistently derived Bitcoin and once again expressed his dislike for the preeminent crypto.
A recent research from JPMorgan states that Bitcoin miners are finding it difficult to maintain profit due to the April halving of the Bitcoin network and increasing power prices. According to a report written by analysts Reginald Smith and Charles Pearce, the Q2 of 2023 was a historic quarter for
The JPMorgan boss didnt mention any candidates by name, but his message left little doubt about whom he was referring to.
Former US President Donald Trump refuted reporting from Bloomberg suggesting he would consider JPMorgan Chase’s CEO Jamie Dimon or BlackRock’s Larry Fink for the Treasury Secretary position. Bloomberg’s report was based on an interview with Trump at Mar-a-Lago on June 24, two days before the presidential debate. The interview was conducted by Bloomberg Senior Reporters […]
The post Trump refutes Bloomberg transcript he would consider Dimon for Treasury Secretary appeared first on CryptoSlate.
The 78-year-old Republican nominee responded to reports suggesting he was considering the two financial CEOs for his cabinet.
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The former president could reveal more details at the Bitcoin Conference in Nashville from July 25 through 27.
American multinational finance company, JP Morgan has maintained a bullish stance on the Bitcoin price outlook despite recent bearish trends. The bank has announced the timeline for the conclusion of the ongoing BTC liquidations, predicting a subsequent rebound in the market. JP Morgan Predicts Bitcoin Market Rebound In August In a research report on Wednesday, JP Morgan suggested that BTC liquidations should abate this July, foreseeing the start of a strong bull market as bearish trends caused by sell-offs subside. While the bank believes that a market recovery is imminent, it is also skeptical about the sustainability of high Bitcoin inflows in its year-to-date flow into crypto assets. Related Reading: Dogecoin Sees 868% Spike In Whale Buys, Bulls Ready For Breakout Rally For one, JP Morgan has revised and grossly reduced its former year-to-date crypto net flow from $12 billion to $8 billion. So far this year, Spot Bitcoin ETFs have been the major driver for substantial inflows into the crypto market. JP Morgans skepticism also stems from Bitcoins high price relative to its production cost and the price of gold. A crypto analyst from the bank, Nikolaos Panigirtzoglou has suggested that the banks reduction in the estimated year-to-date net flow was also due to the recent decline in Bitcoin reserves across exchanges. The decline in Bitcoin reserves over the past month is believed to be a result of the ongoing selling pressures and widespread BTC liquidations executed by Mt Gox creditors and the German government. As mentioned earlier, JP Morgan has predicted that this BTC sell-off will officially end in July, giving rise to a substantial bullish rally for Bitcoin in August. Following the banks predictions, many crypto analysts and community members have suggested that the recent upsurge in Bitcoins price is the continuation of a strong bull market. A crypto analyst identified as CryptoYoddha on X (formerly Twitter) has revealed that the German government was preparing to sell their remaining BTC just before the bull run. Despite the aggressive selling by the German government and the subsequent market turmoil, the analyst noted that Bitcoin still appears bullish. About The Ongoing BTC Liquidations Earlier in June, Mt Gox announced that it would be making repayments to creditors in July. While the defunct Bitcoin exchanges decision to start its repayment process comes as good news to creditors, there is also an underlying unease concerning potential Bitcoin sell-offs. Related Reading: Ethereum Bulls Gear Up For Recovery Can Spot ETFs Push Price To New Highs? With creditors steadily receiving part of Mt Goxs 142,000 BTC payment worth about $9 billion, the market fears are somewhat justified as a widespread Bitcoin dump would have a major impact on the price of the cryptocurrency. In addition to Mt Goxs substantial Bitcoin redistribution plans, the German government has also been seen selling almost 100% of its Bitcoin holdings seized from criminals. These substantial crypto liquidations have put a major damper on the price of Bitcoin, triggering serious price declines that have significantly delayed the highly anticipated Bitcoin bull run. A crypto analyst identified as Rekt Capital has indicated that the Bitcoin bull market based on standard halving cycles has already advanced by 40.1%. Featured image created with Dall.E, chart from Tradingview.com
Partior is already processing transactions on behalf of several firms including JP Morgan, DBS, and Temasek.
Crypto liquidations are expected to decrease this month, and the market is predicted to bounce back from August onwards, according to a report from JPMorgan (JPMJPM) released yesterday.
The bank has lowered its estimate of how much money has flowed into the crypto market this year from $12 billion to $8 billion. JPMorgan doubts that the earlier estimate of $12 billion would continue for the rest of the year because the price of Bitcoin (BTC) is quite high compared to its production cost or the price of gold.
The reduction in the estimated net flow is largely driven by the decline in bitcoin reserves across exchanges over the past month, said analysts led by Nikolaos Panigirtzoglou.
Combination of 3 Large Sell-offs are Holding Prices Down...
The sell off's by creditors of Gemini, the now-closed crypto exchange Mt. Gox, and the German government, which has been selling crypto it seized from criminal activities, increased supply, and held prices down.
But all these sell off's are a one time thing, and have either recently finished selling or will be completed soon.
JPMorgans reduced estimate of $8 billion accounts for $14 billion in new investments into crypto funds by July 9, $5 billion from Chicago Mercantile Exchange (CME) futures, and $5.7 billion raised by crypto venture capital funds this year. These amounts are then adjusted by subtracting $17 billion, which accounts for the shift from wallets on exchanges to new spot bitcoin exchange-traded funds (ETFs).
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Author: Mark Pippen
London Newsroom
GlobalCryptoPress | Breaking Crypto News
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The recent approval of spot Ethereum exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC) has ignited hope for wider access to cryptocurrency investing through ETFs. However, major investment bank JPMorgan is tempering the prospects of similar approvals for other popular cryptocurrencies like Solana (SOL) anytime soon. Nikolaos Panigirtzoglou, managing director and global […]
Now, theres talk about Solana (SOL) and XRP ETFs. However, some influential entities think this is unlikely to happen soon, and they have their reasons.
JPMorgan predicts that the newly approved spot Ethereum exchange-traded funds (ETFs) will likely begin trading before the November US presidential elections, citing crypto’s increasing political significance. This outlook follows the US Securities and Exchange Commission’s (SEC) unexpected approval of eight spot Ethereum ETFs on May 23, marking a notable shift from the previous skepticism surrounding […]
The post JPMorgan sees spot Ethereum ETFs trading before 2024 elections amid political gains appeared first on CryptoSlate.
The Bitcoin ecosystem recorded consistent high daily closes, massive BTC outflows from crypto exchanges and inflows into the spot Bitcoin ETF market.
JPMorgan Chase, the world's largest bank in terms of market cap, announced that it will now let customers buy Bitcoin.
Longtime outspoken Bitcoin critic Jamie Dimon, CEO of JPMorgan Chase, said the worlds largest bank will soon allow its clients to buy Bitcoin (BTC).
JPMorgan has completed a groundbreaking pilot transaction that bridges traditional finance and blockchain in collaboration with Ondo Finance and Chainlink. According to a May 14 statement, the banking giant’s blockchain unit, Kinexys, successfully executed a cross-chain atomic settlement using Ondo Finance’s tokenized short-term US Treasury product, OUSG. This marks the first time Kinexys has connected its permissioned […]
The post JPMorgan bridges blockchain and traditional finance in landmark pilot transaction appeared first on CryptoSlate.
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