The latest Bitcoin rally to $4000 has been attributed by Bloomberg to a late response to JP Morgan’s announcement of its new native cryptocoin (JPM), however, not everyone seems to be buying it.
It has been five days since it was announced by one of the biggest banks of the world that they were launching a native stablecoin. Though JP Morgan appalled a major section of the crypto community with this announcement, not everybody was shocked. If anything, the cryptocurrency market wasn’t shocked and continued its lazy descent and unstable rise.
However, a sharp rally by Bitcoin and different prime cryptos like Ethereum, Ripple, and BCH a couple of days past, have caused some influencers to say that JP Morgan’s ‘revolutionary’ announcement has been the catalyst behind the recent surge. Analysts at Bloomberg tweeted,
“Bitcoin is getting a delayed boost from the announcement that JPMorgan has developed a digital coin to accelerate up payments between corporate customers.”
Even JP Morgan’s shares declined by one percent once the bank’s announcement of a brand new native stablecoin. Additional necessary announcements like Fidelity’s and Bakkt’s elaborate plans to bring Bitcoin to the forefront of the world’s commerce failed so much to even cause a positive spike. According to a report printed on Abacus Journal explaining why Bitcoin owes its latest rally to the monetary giant’s announcement, JP Morgan may be a larger star than Bitcoin within the US.
The bank has since shown its interest in blockchain technology and has afterward devoted its time thereto rolling out blockchain patents at virtually quarterly. However, there has been no love lost between the establishment and bitcoin; if its corporate executive Jamie Dixon’s read is taken. Once criticizing Bitcoin for years, the most recent associate announcement is believed to be seen as an endorsement of cryptocurrencies by a sure bank.
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