JPMorgan calls Bitcoin institutional purchases a “milestone”BTC $19,246 (+0.9%) • ETH $585 (-0.2%) • XRP $0.49 (-1.9%)
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The multibillion US bank has made snide comments about Bitcoin in the past, but its tone is changing. In a recent report to clients last week, JPMorgan analysts said institutional demand for Bitcoin was providing a compelling narrative for the digital asset, terming the recent bets by several firms to be a “milestone” in the decade-old asset’s history. JPMorgan has, since 2014, underplayed the rise of Bitcoin (and other cryptocurrencies) as a meaningful asset class and compared it to an elaborate Ponzi scheme instead. CEO Jamie Dimon even famously called Bitcoin “a fraud” in 2018, stating that those “stupid enough to buy it would pay the price” at the time. But the narrative’s swiftly changing. Bank strategist Nikolaos Panigirtzoglou, who has previously produced crypto-centric reports for the firm’s clients, said last week that the recent $100 million purchase by legacy insurance firm MassMutual was a sign that traditional players were warming up to cryptocurrencies, a sign the asset class was maturing. Ad 📈 Earn 8% APY on Bitcoin & 9 more crypto assets and 12% on Fiat & Stablecoins. Compounding interest, paid out daily. Trending … 🚜 DeFi Tokens • 🔮 Oracle Tokens • 📈 Biggest Gainers • 💵 Stablecoins More news ⏬IOHK continues Goguen momentum with the Allegra Cardano protocol updateLast week, IOHK successfully applied a change to the Cardano protocol that is set to bring token locking to the platform. Why this trader says Ethereum may rally harder than Bitcoin in a new bull cycleBitcoin has started to recover from its drop below $17,600. Happy ending: Investors track down “rug pull” scammers, some Ethereum returnedAs CryptoSlate reported, on Friday, the Ethereum DeFi space experienced three “rug pulls” or scams that amounted to $1.2 million worth of losses for unfortunate investors. Market flips bullish as Bitcoin pushes past $19,000, key technical supports holdAfter plunging as low as $17,600 in the middle of last week, Bitcoin has entered an uptrend. Fidelity CEO Abigail Johnson takes rare interview, expresses excitement about BitcoinThe chief executive of one of Wall Street’s largest firms, Fidelity Investments, recently took a rare interview with Barron’s Magazine. In one day, a total of $1.2 million worth of Ethereum was stolen in three DeFi “rug pulls”The past few days have marked a renaissance in altcoin trading: previously-unknown projects on Uniswap, the leading Ethereum decentralized exchange, have been rallying by thousands of percent. What it takes to make Cardano (ADA) the obvious choice for Fortune 500 companiesArmed with a slew of new faces, the Cardano Foundation has set its sights on making Cardano the go-to platform for governments and enterprises across the world. Correlation between Bitcoin and S&P 500 hits a 10-month lowThe correlation between Bitcoin (BTC) and the S&P 500 reached a 10-month low, according to Santiment. Research shows 12 major “non-financial” risks exist on Ethereum dAppsNew research suggests financial risks may not be the only concern for users of DeFi products and dApps, with several “critical but non-financial” issues plaguing popular tools. Control your wealthAd: A trusted and accessible wealth management ecosystem powered by blockchain technology, SwissBorg puts your wealth back in your hands. 🗞 Got a story tip? Email tips@cryptoslate.com Crypto market dataFor more pertinent market data, please see: Connect with usDisclaimer: None of the content in this newsletter is meant to be financial advice. Please do your own due diligence before taking any action related to the content within this article.
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