Immediate Backlash from Crypto Twitter
As soon as Bloomberg tweeted the news, crypto enthusiasts responded by ridiculing the report.
Another source was quick to predict that the JPM Coin might be the catalyst the crypto markets needed to bounce back.[Release Core V0163 Litecoin]
Perfect example of … Fake News
— Mr Coins (@CryptoDabbler) February 19, 2019
JP Morgan Launching a Crypto Legitimizes BitcoinÂ
According to the Abacus Journal, news of JP Morgan launching a cryptocurrency brought renewed interest in the investment of Bitcoin.The Bloomberg report stated the following:
Bitcoin is approaching $4,000 for the first time since the start of the year, as the largest cryptocurrency gets a delayed boost from the announcement last week thatÂ JPMorganÂ has developed a prototype digital coin that it plans to use to speed up payments between corporate customers.
One hedge fund source told Abacus Journal the following.[Bitcoin News January 21 8211 2019 Summary]Bloomberg Reports that the Current Bitcoin Rally Was due to the JPM Coin Announcement
5 days later, and on the 19th of February, Bloomberg reported that the recent gains by BTC from $3,600 levels to its current value of around $3,900 was a delayed response frto the news of JP Morgan launching its own cryptocurrency.Please carry out your own research before investing in any of the numerous cryptocurrencies available.The huge bounce in volumes in Bitcoin and, for example, Bitcoin futures at the CME are indicative of the wave the announcement caused.
On Valentines day, crypto traders and enthusiasts woke up to news that the biggest bank in the United States, JP Morgan Chase, will be issuing its own cryptocurrency known as the ‘JPM Coin’.Sentiment and narrative play a huge role in what remains a pretty small markets at this point.[2019 41 Analysis 7 Week Price Weekly ]Summing it Up
Many crypto enthusiasts were quick to dismiss the Bloomberg report that the current increment in value of Bitcoin to near $4,000 levels was a delayed response of the news that JP Morgan was launching its own cryptocurrency.The tweet can be found below.
It isnât that far fetched to foresee a look back in six months and point to the $JPM coin as the catalyst that busted the bear market.Any additional opinion herein is purely the authorâs and does not represent the opinion of Ethereum World News or any of its other writers.My wife even asked me about it the day after it was announced.So the announcement of a native cryptocurrency brought interest to a renewed and fresh level that had been diminished throughout nearly all of 2018.One user went as far as claiming the report was fake news.However, with news of a record day of trading for CME’s Bitcoin futures on the 19th of this month, and the input of hedge fund sources to the Abacus Journal, it is worth concluding that the JPM Coin might just have catalyzed renewed investor interest in BTC and other cryptocurrencies.[8211 Bitcoin 2019 News 21 January Summary]
The post Why News of JPM Coin Resulted in Bitcoin (BTC) Gaining in the Crypto Markets appeared first on Ethereum World News..The digital asset will be an internal cryptocurrency used to ease the flow of payments by the bank by instantly settling transactions between clients of its wholesale payments business.[What Decentralized Application How With Is Metamask It And Works]
What are your thoughts on the idea that news of JP Morgan launching their own cryptocurrency is the reason we are seeing Bitcoin (BTC) and all our favorite digital assets gaining in the markets? Does JPM Coin legitimize cryptocurrencies as viable investments? Please let us know in the comment section below.Â
[Feature image courtesy of Pixabay.com]
Disclaimer:Â This article is not meant to give financial advice.Proof of this can be seen with the CME Group reporting a record number of Bitcoin futures contracts traded on the 19th of February.[Update V41 Product]
Every adult with a bank account and a job knows who JP Morgan is.The JP Morgan news pushed prices higher across the board and those price increases were seriously validated by a surge in volumes.