JP Morgan Boss Can’t Stop Talking About Bitcoin — Calls Investors “Stupid”
Recently, Jamie Dimon called bitcoin a “fraud” and bitcoin markets saw a correction the following day stemming from Chinese exchange closures. Interestingly enough, JP Morgan Securities Ltd., bought up a bunch of bitcoin-based exchange-traded notes during the dip. The Wall Street mogul was even called out for market manipulation, and a report was filed with the Swedish financial authorities. The London-based algorithmic liquidity provider Blockswater explained Dimon had broken the financial bylaws within the European Union’s Market Abuse Regulation (MAR) articles.
Then this Thursday Dimon was recorded by the news outlet CNBC saying, “I wouldn’t put this high on the category of important things in the world, but I’m not going to talk about bitcoin anymore.” Then Marianne Lake JP Morgan’s CFO said, “we are open-minded for digital currencies that are properly controlled and regulated.” However, according to CNBC after these statements the very next day at the Institute of International Finance conference, Dimon had some choice words for bitcoin investors.
“If you’re stupid enough to buy it, you’ll pay the price for it one day,” Dimon explained to attendees of the event.
Dimon’s opinions also follow bitcoin’s spectacular climb to the $5,840 territory on October 12. The decentralized currency has been on a record climb all year outpacing a majority of stocks, state-issued currencies, and commodities. Despite the price spike, Dimon is not in the least bit interested in bitcoin’s market value.
Full story at http://bit.ly/2z8rRnB
Source: Bitcoin News
Bitcoin on Friday morning soared by more than $500, crossing $5,800 for the first time, putting in a record high of $5,866 a coin, according to Bloomberg data. The cryptocurrency has since pared its gains, but it still trades up 3.92% at $5,626 a coin.
Friday's advance comes after Coinbase, a digital currency exchange, announced that customers could instantly purchase bitcoin and other cryptocurrencies using a US bank account. Those customers previously had to wait several days before receiving their digital currency.
It has been a monster week for bitcoin, which has soared nearly 30% since last Friday's close. It blew through the highly anticipated $5,000 level on Thursday, just days after The Wall Street Journal reported that Goldman Sachs was looking into setting up a bitcoin trading operation, and Morgan Stanley CEO James Gorman said the cryptocurrency was "certainly more than just a fad."
But things didn't look too promising in September. News of a crackdown on trading in China and regulatory uncertainty around initial coin offerings, a cryptocurrency-based fundraising method, pushed the cryptocurrency to a low of $2,900 a coin on September 15.
Full story at http://read.bi/2gk9qsh
Source: Business Insider Nordic
Bitcoin rose above $5,500 after bank earnings calls last week. More banks joined Goldman Sachs in stating they were examining the possibility of trading cryptocurrencies. Most notable was JP Morgan, whose CEO had publicly called Bitcoin and a 'fraud' just a few weeks before.
This helps support the view that Bitcoin and cryptocurrencies have the potential to go 'mainstream' despite ongoing setbacks in the ability to create a crypto ETF (I continue to believe that a crypto ETF is a requirement to really expand the adoption rate).
That banks are finally discussing what to do with cryptocurrencies is not surprising to me. As I have stated repeatedly, virtually every person I talk to, buy side or sell side, large or small, public or private, wants to talk about cryptocurrencies. Whether as an investment, what it might be doing to their business, or even, in some cases, what a bubble it is, Bitcoin and Crypto are part of most conversations. It is completely natural for Wall Street to finally embrace that demand - at least tentatively.
Also, in a world of low volatility, the bane of every trading desks' existence, it makes perfect sense for banks to explore trading a volatile and popular product where bid/offer spreads are wide and the ability to trade order flow could be large.
Full story at http://bit.ly/2gj3akS
Source: Forbes
Here’s Another Reason Why Bitcoin Could Soon Hit $6,000
It took less than a month for bitcoin investors to shake off China’s cryptocurrency crack down and Wall Street naysayers. On Friday, the price of bitcoin jumped within striking distance of $6,000 as optimism surrounding the cryptocurrency reignited thanks in part to traders using the Japanese yen.
That comes after the price of bitcoin shot as low as about $3,000 in mid-September, after Chinese authorities shuttered local cryptocurrency exchanges, while J.P. Morgan CEO Jamie Dimon dubbed bitcoin a “fraud.”
But it was neither the U.S. nor China, which have dominated the cryptocurrency markets since its inception, that apparently led to the price of bitcoin to come back up. Until recently, China has represented the majority of bitcoin trading since about late 2013. In 2016 alone, the Chinese yuan represented 96% of all trading with bitcoin, according to data from CryptoCompare, helping the price more than double that year. In fact, trading in China has been so heavy that since 2010, the vast majority of trades has still largely been dominated by the yuan.
But since Chinese investors began leaving major bitcoin exchanges for over-the-counter markets, its been the Japanese yen that’s begun taking over the role that the yuan once held. Over the past month, bitcoin trading using the Chinese yuan slid to 5% of total trades, according to data from CryptoCompare. Traders using the Japanese yen meanwhile have become 51% of the market, with $30.3 billion changing hands over the past month based on bitcoin’s current price. The U.S. dollar meanwhile represented a lesser 31% of trades.
Full story at http://for.tn/2gkeQUe
Source: Fortune
$5,800: Bitcoin Price Hits New Record High
The value of a bitcoin reached a new all-time high of $5,856.10 at around 02:45 UTC this morning.
The new price record comes just hours after setting new highs with a strong move beyond $5,000 yesterday, according to CoinDesk's Bitcoin Price Index. At 16:30 UTC Thursday, bitcoin was at $5,363.
Bitcoin started the session today at $5,439, before rising sharply to the new high within 3 hours. Today's low was $5,396.
The price of the cryptocurrency has since dropped to $5,704 at press time – a rise of around 13 percent over the last 24 hours. For the week, bitcoin is up over 30 percent.
Full story at http://bit.ly/2yIYFay
Source: CoinDesk
Bitcoin Bursting With Potential Says Billionaire Jeff Epstein
Jeffrey Epstein is seen as royalty when it comes to the elite of finance, having been a billionaire for over 20 years. However, despite his traditionalist ways, the former partner at Bear Stearns has weighed in with his opinion of Bitcoin.
Epstein excelled at finding hidden value for his clients and himself, identifying anomalies in the market, and using arbitrage to profit from them. He has now identified Bitcoin as another potential opportunity.
There are a lot of Wall Street banks, bankers and investors who are sharing their opinion on the digital currency, some more politely than others. Jamie Dimon has called it a fraud, and on the other side, there are rumours that Goldman Sachs will begin direct Bitcoin trading.
However, these opinions are so polarised that they are either so deep in one camp or another that they seem to have hidden agendas.
Full story at http://bit.ly/2i3s2xc
Source: CoinTelegraph
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