The tide that is currently top Wall Street firms warming up to cryptocurrencies just got a bit bigger with JPMorgan Chase & Co. (NYSE:JPM) admitting that they are looking into the space. This was during a CNBC interview that featured Daniel Pinto, The head of corporate and investment bank at J.P Morgan and Chase. This statement was made when he was asked about the possibilities of the company investing and trading in cryptocurrencies, and in particular, Bitcoin (BTC).
Mr. Pinto had this to say about cryptocurrencies and Bitcoin (BTC):
“We are looking into that space. I have no doubt that in one way or another, the technology will play a role. [Regarding bitcoin], you cannot have something where the business proposition is to be anonymous and to be the currency for unknown activities. That will have a very short life, because people will stop believing in it, or the regulators will kill it. I think the concept is valid, you have many central banks looking into. The tokenization of the economy, for me, is real. Cryptocurrencies are real but not in the current form.”
With respect to Bitcoin Futures, Mr. Pinto had this to add:
“If we need to clear futures of bitcoin, can we do it? Yes. Have we done it? No.”
One of the theories that have been postulated on the numerous chat groups online, is that there might be some market manipulation with the supposed Mt. Gox dump. This means that it will impact the markets and cause a bear market that is ideal for the big Wallstreet firms to make an entry into the crypto-currency markets. However, these are just online rumors that have been fueled by a bear market and coincidentally, news of more and more ‘big’ companies and firms, showing interest in the space.
The Soros Fund Management firm recently admitted that it had got the go-ahead by George Soros to start trading in cryptocurrencies. To add to the above, Futures derivatives of the top 3 coins are now available on numerous trading platforms. Just recently, Crypto Facilities from the UK started offering Ethereum Future contracts.
In conclusion, this indirect admission by Daniel Pinto on the future of cryptocurrency trading by J.P Morgan Chase, would not come as a shock if it were to actually become a fact. Cryptocurrencies and blockchain technology have been constantly proving their real life usage since their inception and in particular now with the ongoing Consensus Summit in New York.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Will Ripple (XRP) advocacy hike affect bitcoin dominance of China?
Currently, China is leading in Bitcoin mining industry by far, second to none for bitcoin mining power. Literally, it’s contributing over 70% of the network’s hash rate (a term that is used in describing the total processing power of a blockchain network). But how Ripple fits in here and what it has to do with that? We’ll talk about that a bit later below, let’s cover some in-depth facts about China’s dominance over Bitcoin first.
It’s a near-complete dominance by China on the BTC mining grid that has made it responsible for mining a majority of circulating bitcoins. A Beijing-based company, Bitmain Technologies, is highly responsible for extracting the significant part – more than half of the globe’s bitcoin, and alone, it has approached 50% of the total hash rate more than once.
The fact that China is controlling a majority of Bitcoin hash rate, clearly tells that it has the power of manipulating or merely destroy the bitcoin network if it gets enough support should it decide to take such a move. Therefore, this has led to serious concerns among countries including the US that China might get an edge in this cryptocurrency industry and possibly becoming a potential threat.
China is the biggest manufacturer of Bitcoin as well as cryptocurrency mining equipment. The reason behind the massive growth of mining farms in the country is because of cheap electricity bills.
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Bitcoin bull run momentum builds up; price breakout imminent
There is no doubt that Bitcoin is the most significant and largest success story in the cryptocurrency sphere despite the volatilities the powerful digital coin has been experiencing this year. 2018 has been a rough year for major cryptocurrencies including Bitcoin that has seen the prices of the virtual currency depreciate from a high of 20,000 US dollars in January 2018, to a low of 6,400 US dollars in October 2018.
Regardless of not much powerful performance, Bitcoin still maintains being the most sought-after virtual currency in the market. In totality, Bitcoin had a price appreciation of about 150,000 percent from its listing in July 2010 to the present day.
Bitcoins Brief Historical Evolution
In its lifetime so far, the number one ranked cryptocurrency has had its fair share of mixed bear runs, and bull runs throughout the years with the longest bear run being experienced in March 2014 and March 2015. However, in its history of up and down price progression throughout the years, gains have outweighed losses and Bitcoin has managed to record impressive highs of 20,000 US dollars as at December 2017.
As for this year, 2018 has been a nightmare for Bitcoin as its bullish gains have been low, recording shorter runs that have given rise to general losses attracting undue media attention from the general public and governments.
The Future of Bitcoin by Market Indicators
According to technical perspectives regarding Bitcoin price movements…
Institutional investment presumption to send ETH, XRP, and Bitcoin high
These days it points out that institutional investors slowly are gaining interest in the cryptocurrency domain. Practically, a real-world working model will attract institutional investors automatically from all over the globe. They will look for an opportunity to invest in the cryptocurrency industry if not necessarily in coins such as Bitcoin, Ripple’s XRP or Ethereum, and it seems like that moment is already at hand.
State of the Market
The past 24 hours have been stable for the crypto market as the entire market has seen steadiness in their trade. For that reason, the general market value has been lifted to $210.6 billion.
The state of the market has seen the price of Bitcoin go up by 0.7% to the $6,537 lifting its market cap to $113.2 billion. Bitcoin cash has stayed stable too at $466 representing a slight drop of 0.56% and the market cap being $7.7 billion.
Also, Ethereum price dropped 0.59% to $205.87 giving it a market cap of $21.1 billion, and as for Ripple (XRP), a similar trend was experienced whereby it dropped by 0.15% to stand just above 46 U.S cents making its market cap to stand at $18.5 billion.
The stability in the cryptocurrencies is a positive gain as that increases hopes and chances for the institutional investments.
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