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JP Morgan To Render Crypto Services Despite The Bear Run

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JP Morgan To Render Crypto Services Despite The Bear Run

JPMorgan & Co. is one of the leading financial services institutions globally, including crypto. Its assets and worldwide operations are worth over $2.6 trillion. The company’s rich history has been on for more than 200 years.

JP Morgan is committed to providing commercial banking, financial services for small businesses and customers, investment banking, etc. It also provides asset management and financial transaction processing.

The company shared some recent happenings among its clients. It revealed that many are withdrawing from using digital currencies as payment means. According to the company, this new action from its clients has been on for the last few months.

The primary reason for the drop in interest is the current bear market in the digital currency industry.

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Crypto Market And Effect On JPMorgan

Several adverse events are the main reasons for the current bearish market. Some of these are the U.S. 40-year record inflation rate, the Ukraine conflict, the European Union energy crisis, etc.

This bearish crypto market negatively affects investors and traders in several crypto financial firms. An example of these companies is JPMorgan Chase. Takis Georgakopoulos cited that the company’s clients were eager to use cryptocurrencies as a means of payment six months before now.

Georgakopoulos is the Global Head of Payments at JPMorgan Chase & Co. In a recent interview with Bloomberg, he stated that customers’ loss of interest was observed in the heat of the bear market.

At the time, BTC was trading at about $40K. Other digital currencies, including Ether, were also doing well compared to the present look of the market.

Bitcoin price stays below $19,000 l BTCUSDT on TradingView.com

The crypto winter started in the middle of 2022, significantly changing the global macroeconomic environment. This became the major cause of the decline in the cryptocurrency interest of the company’s clients.

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Georgakopoulos encouraged other clients stating that the company would continue its crypto services regardless of the current market situation. Other companies like Wall Street still believe that digital tokens are still the future of the world’s financial system. Moreover, these tokens are already gaining popularity in the Metaverse and gaming sectors.

Metaverse And JPMorgan Chase

Participants in the Metaverse 3D virtual reality space can communicate with themselves using digital objects. This space seems to be a good spot for JPMorgan to expand its financial services.

The company is already making plans to achieve these objectives. It wants to hire a leader to identify and gain more payment opportunities in the Metaverse, Crypto, and Web 3 sub-vertical.

The bank also needs tech-savvy individuals and financial specialists to carry out the potential tasks to achieve its goal.

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Billionaire Hedge Fund Founder Ray Dalio Steps Down As Co-CIO Of Bridgewater Associates

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Billionaire Hedge Fund Founder Ray Dalio Steps Down As Co-CIO Of Bridgewater Associates

Billionaire hedge fund founder Ray Dalio has stepped down as chief executive of Bridgewater Associates, according to a transfer of voting rights on September 30. Bridgewater’s co-chief executive explained on Tuesday that “Ray no longer has the final word,” in regard to the hedge fund’s future.

Hedge Fund Giant and Bridgewater Associates Founder Ray Dalio Steps Down, Co-CEOs Mark Bertolini and Nir Bar Dea to Take Over Senior Management

On Tuesday, October 4, after founding Bridgewater Associates more than 40 years ago, Ray Dalio stepped down as co-CIO. Bloomberg’s Erik Schatzker first reported on the matter after the hedge fund founder relinquished all of his voting rights to the board of directors on September 30. After founding Bridgewater in 1975, Dalio was considered a mogul hedge fund titan and within the first ten years of business, Bridgewater got a $5 million investment from the World Bank.

Schatzker report cites Bridgewater’s co-chief executive, Nir Bar Dea, who told the reporter “Ray no longer has the final word.” Dalio also spoke about his resignation on Twitter and he told the public that today was a special day for him because he “transitioned my control of Bridgewater to the next generation.” Dalio added:

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I feel great about the people and ‘machine’ now in control. This transition moment is the culmination of a 47-year journey.

Dalio is also well known for being a critic of bitcoin (BTC) and blockchain technology. The hedge fund titan has explained on many occasions that he believes governments would eventually outlaw cryptocurrencies.

“I think at the end of the day if it’s really successful, they will kill it, and they will try to kill it,” Dalio said two months before bitcoin (BTC) reached $69K per unit. “I think they will kill it because they have ways of killing it,” he added.

Last February, Dalio noted that he had a “tiny percentage” of crypto in his portfolio because he wanted to “diversify.” However, he further stressed: “It’ll be outlawed, probably by different governments.” As far as Bridgewater is concerned, Dalio explained that the hedge fund’s co-CEOs Mark Bertolini and Nir Bar Dea would be in charge of senior management.

“Hopefully until I die, I will continue to be a mentor, an investor, and board member at Bridgewater, because I and they love doing those things together,” Dalio concluded in his remarks on Tuesday.

Tags in this story

ban bitcoin, Bitcoin, Bitcoin (BTC), blockchain technology, Bridgewater, bridgewater associates, Cryptocurrencies, Erik Schatzker, hedge fund, hedge fund founder, Mark Bertolini, Nir Bar Dea, outlaw BTC, Ray Dalio

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What do you think about Ray Dalio stepping down as co-CIO of Bridgewater Associates? Let us know what you think about this subject in the comments section below.

Jamie Redman

Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Analysis

Bitcoin, Ethereum Technical Analysis: BTC Back Above $20,000, USD Hits 2-Week Low

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Bitcoin, Ethereum Technical Analysis: BTC Back Above $20,000, USD Hits 2-Week Low

Bitcoin was back above $20,000 on Tuesday, as the U.S. dollar fell to its lowest point in two weeks versus several G7 currencies. The stronger dollar has impacted purchasing power in cryptocurrencies, and commodities like crude oil, which last week fell to a nine-month low. Ethereum was also up, hitting a five-day high.

Bitcoin

Bitcoin (BTC) briefly rose above $20,000 on Tuesday, as the U.S. dollar continued to decline versus other major currencies.

This has resulted in the world’s largest cryptocurrency climbing to a peak of $20,071.20 earlier in today’s session.

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Today’s high is the strongest point that BTC/USD has traded at since September 30, and is marginally below a ceiling of $20,200.

BTC/USD – Daily Chart

As can be seen from the chart, earlier bulls retreated from the market as BTC neared the aforementioned resistance point.

Overall, the rally began following a breakout of another point of uncertainty, this being the ceiling of 49.00 on the relative strength index (RSI).

The index is now tracking at 52.22, which is slightly below a resistance of 53.00, and this seems to be another reason why BTC has slipped from its earlier high.

Ethereum

Like BTC, ethereum (ETH) also rose to a five-day high in today’s session, moving above a key resistance level in the process.

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Following a low of $1,294.41 to start the week, ETH/USD raced to an intraday high of $1,355.89 earlier in the day.

The move saw ethereum break out of its ceiling of $1,330, with the 14-day RSI also moving beyond a point of resistance.

ETH/USD – Daily Chart

Looking at the chart, the indicator rose above its ceiling of 41.50, and as of writing, is tracking at 44.82.

This is the strongest reading for the index since September 15, when ETH was trading at a high of $1,470.

In order to move back towards those levels, the RSI will need to break out of an upcoming ceiling of 45.00.

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Could we see ethereum hit $1,400 before the end of the day? Leave your thoughts in the comments below.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Analysis

Cardano founder Charles Hoskinson calls for an end to Bitcoin mining

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Cardano founder Charles Hoskinson calls for an end to Bitcoin mining

Cardano founder Charles Hoskinson calls for an end to Bitcoin mining Oluwapelumi Adejumo · 4 hours ago · 2 min read

Hoskinson predicted that more wrapped Bitcoin would be on other blockchain networks in the next five years.

2 min read

Updated: October 4, 2022 at 1:13 pm

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Cover art/illustration via CryptoSlate

Cardano founder Charles Hoskinson explained why he thinks Bitcoin mining should be stopped and all existing units of the assets should be converted into wrapped Bitcoin (wBTC) in an Oct. 3 Twitter broadcast.

Wrapped Bitcoin is BTC on smart contracts-enabled platforms like Ethereum (ETH), Cardano (ADA), and others.

Bitcoin’s PoW is the “gold mine” – Charles Hoskinson

According to Hoskinson, if Bitcoin’s network is shut down, the flagship digital asset can continue to exist as wrapped Bitcoin on other networks. In his view, the industry would not need the proof-of-work consensus mechanism because it is the “gold mine” to get the asset.

Hoskinson pointed out that the Bitcoin blockchain is only optimized for the mining process presently. According to him, efforts to build on the blockchain have recorded little success because it is not designed for that purpose.

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The Cardano founder highlighted that Bitcoin’s “gold mine” consumes a lot of energy, considering that the number of BTC left to mine is less than what is already in circulation. He stated that the continued running of Bitcoin mining is not a good investment of energy.

Meanwhile, Hoskinson conceded that Bitcoin maximalists wouldn’t agree with his idea because they would argue that “[PoW] is the source of truth and a counter-balance to banks.”

Wrapped Bitcoin will broaden BTC usage.

Hoskinson stated that moving all mined Bitcoin to the broader crypto ecosystem through wrapping can help broaden its usage and adoption.

Citing El Salvador’s adoption, Hoskinson said that while Bitcoin is digital gold with real utility and can act as a good store of value, the asset is not a good means of exchange and unit of account because of its volatility.

So, wrapped Bitcoin could be used to create stablecoins that can serve as a means of exchange and unit of account because they are on other smart contracts-enabled networks built for those purposes.

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Hoskinson said:

“[Wrapped Bitcoin] could be used in all kinds of Dapps and smart contracts and potentially be used by nation-states to create a means of exchange and unit of account to actually have a stable currency they could use with a sound monetary policy.”

According to him, the wrapped Bitcoin is still Bitcoin because it would still have all the properties and features of the asset.

Hoskinson predicted that more wrapped Bitcoin would be on other blockchain networks in the next five years.

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