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On Valentine's Day, traders and crypto enthusiasts learned that the largest bank in the United States, JP Morgan Chase, would issue its own cryptocurrency, known as "JPM Coin". The digital badet will be an internal cryptocurrency used to facilitate the bank's flow of payments by instantly settling transactions between customers of its wholesale payments activity.
Bloomberg reports that the current Bitcoin rally was due to the announcement of the JPM coin
Five days later and on February 19th, Bloomberg announced that BTC's recent gains from $ 3,600 to a current value of about $ 3,900 was a late response to JP Morgan's announcement of its launch. own cryptocurrency. The Bloomberg Report stated:
Bitcoin is approaching $ 4,000 for the first time since the beginning of the year, while the largest cryptocurrency has been relaunched by the announcement of the creation by JPMorgan of a prototype digital coin that it intends to use to speed up payments between companies.
Instant play of Crypto Twitter
As soon as Bloomberg tweeted the news, crypto fans responded by ridiculing the report. One user even claimed that the report was false news. The tweet can be found below.
Perfect example of … Fake News
– Mr Coins (@CryptoDabbler) February 19, 2019
JP Morgan launches crypto legitimizes bitcoin
According to the newspaper Abacus Journal, the announcement of the creation of a cryptocurrency by JP Morgan has sparked renewed interest in Bitcoin's investment. The proof is given by the CME group which recorded a record number of Bitcoin futures negotiated on February 19th.
A hedge fund source told Abacus Journal the following.
Every adult with a bank account and a job knows who JP Morgan is. Thus, the announcement of a native cryptocurrency brought the interest to a renewed and new level that had been reduced almost throughout 2018. My wife even asked me the question the day after the announcement. The huge rebound in volumes in Bitcoin and, for example, the Bitcoin futures at CME are indicative of the wave that the announcement has caused.
Another source quickly predicted that the JPM coin could be the catalyst that the cryptography markets needed to bounce back.
It is not so easy to predict going back in six months and to designate the JPM $ coin as the catalyst that destroyed the bear market. Feeling and narration play a huge role in what remains a fairly small market at the moment. The news from JP Morgan has raised prices in all areas and these price increases have been seriously validated by an increase in volumes.
In summary
Many cryptography enthusiasts quickly rejected Bloomberg's report that the current increase in bitcoin value to nearly $ 4,000 was a late response to the announcement that JP Morgan was launching its own cryptocurrency . However, with the announcement of a record trading day for CME Bitcoin futures on the 19th of this month and the contribution of hedge fund sources to the Abacus Journal, it should be concluded that the JPM Coin could simply catalyze the renewed investor interest for BTC and other cryptocurrency.
What do you think about the idea that launching their own cryptocurrency by JP Morgan is why we see Bitcoin (BTC) and all our favorite digital badets gaining ground in the markets? Does JPM Coin consider that cryptocurrencies are viable investments? Please let us know in the comment section below.
[Feature image courtesy of Pixabay.com]
Warning: This article is not meant to give financial advice. Any additional opinion in this document is purely that of the author and does not represent the opinion of Ethereum World News nor any of its other authors. Please do your own research before investing in one of the many available crypto-currencies. Thank you.
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