Multiple predictions about Bitcoin from JP Morgan Analysts reach our bitcoin news often and today, in particular, they predicted that BTC could fall even further below the $1,260 and that banks are highly unlikely to benefit from the blockchain technology in the next three to five years.
One analyst in particular claims that the real value of cryptocurrencies is still unproven and their use still makes sense only in a dystopian event. He stated further in a report:
“Even in extreme scenarios such as a recession or financial crises, there are more liquid and less-complicated instruments for transacting, investing and hedging [than cryptocurrencies].”
JP Morgan noted that institutional involvement in the crypto market hasn’t really grown much in the past six months since individual traders are what the majority of the market is. The company also claimed that using cryptocurrencies for payments will still stay ‘’challenged’’ also pointing out that the company is unable to find any retailer that accepted crypto in 2018 despite the many information that there is plenty of that kind.
The analysts of JP Morgan suggested that Bitcoin will most likely drop around $2,300 and that it could even fall below that point if the bear market persists. Despite their forecast of the hyped blockchain technology not being able to make a difference in how the banks operate, many banks do use and claim that distributed ledger technology has a huge potential into cutting costs for global banks.
The CEO of JP Morgan Jamie Dimon is known for criticizing Bitcoin which has previously called a ‘’fraud’’ in 2017 but admits that blockchain has a huge potential.
Huobi Crypto Exchange Adds Three Trading Pairs For XRP In The USA
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OKCoin Exchange Invests In Crypto Custody Provider Prime Trust
“We make money just as Robinhood, Northern Trust and other traditional custodians do. The costs of custody are offset by other services," Purcell explained.This is definitely something that stirred up the market from a positive viewpoint, allowing traders to speculate on the potential novelties that the partnership could bring.
Coinbase Expands Its Crypto Offering To 11 More Countries
“This could take the form of decentralized versions of traditional financial services like lending or micropayments or truly novel crypto applications that no one has even thought of yet. The ability to convert from one crypto to another will form the backbone of this new decentralized economy.”Meanwhile, the news that Coinbase expands allow customers in the aforementioned countries to store, trade, send and receive cryptocurrencies. As the latest cryptocurrency news show, the exchange also suggested that cryptocurrencies are moving from the current "investment phase" into the "utility phase" following a number of new use cases. Recently, the company introduced a lot of new developments, one of which was featured in the altcoin news section. It was the added support for EOS (EOS), Maker (MKR) and Augur (REP) which went viral and expanded into cross-border payments. The latter development reportedly enables users to send as well as receive money instantly and convert them into local currency. As part of the news that Coinbase expands, the report concluded:
"Realizing our mission of creating an open financial system for the world starts with making it as easy as possible to access crypto. With today’s announcement, we’re happy to take an important step in that direction."Earlier in April this year, Coinbase also launched the Coinbase Card in a partnership with Visa, enabling its United Kingdom-based customers to pay in-store and online using cryptocurrencies. As a result, the new service will allow Coinbase to instantly convert the customers' cryptocurrency funds into fiat currency in order to complete each purchase. This is definitely a lot of news coverage showing that Coinbase expands in different directions and is on a mission to offer various trading options globally.
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