The price of Bitcoin is currently $3569 with 24 hour volume leveling at 6.4 billion. The market has pulled back slightly, since yesterday’s daily close. **However, it bounced perfectly off of support we illustrated in yesterday’s chart. Go ahead and check out the updated version below. Our analysis has not changed at this time.
The news dominating the crypto landscape today is the announcement coming from JP Morgan. 88JP Morgan has created the first cryptocurrency by a major U.S. Bank. JP morgan sends a massive $6 trillion USD around the world everyday in their payments business.88 They will begin using the ‘JPM coin’ in the next few months to instantly settle payments between clients.
JP Morgan is posturing themselves to operate in a world where cross-border payments and corporate debt issuance is moved to the blockchain, go figure. A quote from J.P. Morgan’s head of blockchain projects goes on to say, “The applications are frankly quite endless; anything where you have a distributed ledger which involves corporations or institutions, can use this.”
This will ultimately be one of the first real-world applications for banking, of blockchain technology. JPM coin will not be available for retail investors and it will also be pegged to USD. So although the investment opportunity is not available for JPM coin, we think this is overwhelmingly bullish for the space long term. One of the oldest and largest financial institutions in the world is now endorsing how beneficial blockchain technology can be to payment systems.
We are in the right space ladies and gentlemen. In our opinion, we will only see more stories like this transpire in the coming years as blockchain is embraced by varying industries. This will only propel the cryptocurrency asset class to new heights.
Click the link below to check out Birch’s thoughts on the matter…
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