Since the birth of Bitcoin in 2009, JPMorgan Chase has been a leader in the cryptocurrency space, providing clients access to a wide range of cryptocurrencies for their private trading and investment portfolios. However, over the past week, the company’s Chief Executive Officer, Jamie Dimon, has taken to the airwaves to warn investors about Bitcoin and other cryptocurrencies.
Cryptocurrency scams are nothing new but this latest wave of scams, which target investors in cryptocurrencies such as Bitcoin, has been particularly aggressive. The problem is that these scams are targeting investors at their most vulnerable, when they are not familiar with the new technology.
Just moments ago, JPMorgan Chase CEO Jamie Dimon, who has been labeled as a bitcoin maximalist, said in an interview that the cryptocurrency is a fraud that could end up costing investors their life savings. “I think it’s a fraud. I think it’s worse than tulip bulbs. It won’t end well,” Dimon said during an interview with Fox Business.. Read more about crypto bubbles and let us know what you think.
The value of the overall cryptocurrency market has fallen by about $1 trillion since peaking at $2.5 trillion in mid-May, suggesting that bitcoin and cryptocurrency prices have struggled over the past month.
Bitcoin is the most important crypto currency on the market
Bitcoin has long been one of the main drivers of the market, and virtually all other tokens, including Ethereum, Binance’s BNB, Cardano, Dogecoin, and Ripple’s XRP, follow bitcoin’s price movements.
Although Ethereum, the second largest cryptocurrency after Bitcoin, has outperformed Bitcoin in recent months, its price fell along with Bitcoin this week as China took action against cryptocurrency miners who use large amounts of electricity to protect the blockchain and validate transactions in exchange for newly created tokens.
Bitcoin is at the top of the list of cryptocurrencies. At the time of this writing, its coin price is $33,729.85 with a change of 1.54%. Over the past 24 hours, trading volume was $33,988,483,827 and market value was $633,019,209,576. Currently, BTC has an outstanding reserve of 18,742,356.00 BTC.
On the Luxembourg-based marketplace Bitstamp, bitcoin fell to a low of $28,600 per bitcoin this week, before rebounding to $30,000 and jumping to $6,000 in a matter of hours.
Meanwhile, the value of other top 10 cryptocurrencies, including Ethereum, Binance BNB, Cardano, Dogecoin, and Ripple XRP, has plummeted, wiping hundreds of billions of dollars from the $1.4 trillion cryptocurrency market.
After correctly predicting the recent sell-off in bitcoin and cryptocurrencies, analysts at Wall Street giant JPMorgan now predict that the price of bitcoin will fall in the medium term.
Although JPMorgan gives bitcoin a theoretical price target of $140,000 based on convergence of the volatility of bitcoin and gold, bitcoin is almost six times more volatile than gold, giving it 1/6th the real value of $140,000 or $23,000.
Despite this week’s decline, experts remain adamant about their bearish outlook for bitcoin and the crypto-currency markets in general, saying that some recovery has taken place, but our signals remain generally negative.
Grayscale Bitcoin Trust, the world’s largest manager of digital assets, allows institutional investors to buy shares in the trust, which now owns just over 650,000 bitcoin tokens, or about 3 percent of the total bitcoin stock.JPMorgan is the largest bank in the United States, and it has been established since 1823. It has a headquarters in New York City, and it has 57,000 employees who work in its various divisions and subsidiaries.. Read more about jp morgan btc and let us know what you think.
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