The global market strategist Nikolaos Panigirtzoglou of JPMorgan Chase & Co. is in our bitcoin news today for his analysis of crypto market and the behavior of the investors.
The JPMorgan team in which Nikolaos was a member wrote in a research note that the participation by financial institutions in bitcoin trading appears to be fading.
Panigirtzoglou thinks that the interest in bitcoin futures has plummeted but so does the trading volumes. According to one of the notes, other cryptocurrencies still suffer during the current correction phase.
JPMorgan believes that the Crypto Winter caused the prices to decline even further which miners seem to be having a huge problem with because it is now extremely inefficient to mine so they decided to turn their mining rigs off.
In the meantime, the founder of crypto investment fund Digital Currency Group Barry Silbert explained:
“You have to separate the investment decision that a miner is making from the operating cost for them to mine the bitcoin.”
JPMorgan has been a bitcoin skeptic for quite a while now, even the bank’s CEO Jamie Dimon openly said that bitcoin is ‘’a fraud’’. Back in October Dimon claimed that blockchain is a legit innovation but that he ‘’doesn’t give a sh*t about bitcoin’’.
Dimon even swore that he would fire any employee in JPMorgan that will be involved in bitcoin trading activities. Despite Dimon, other investment bankers have brighter perspectives.
Allianz Chief Economist Mohamed El-Erian says that he believes Bitcoin will survive the current sell-off and that it is here to stay but doesn’t believe that cryptocurrencies will replace fiat money in the near future.
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"We believe this thesis still remains intact which could mean seeing a break of the lows in the coming weeks. A 25% selloff in BTC from the current lows of $3,200 would be to roughly $2,400."He also shared that the next sell-off could be just what the crypto market needs in order to finally break the backs of the bears and reach a new bull momentum in 2019.
Bitcoin ATM Operator Coinme To Start Selling BTC At Coinstar Counting Machines
“Bitcoin is now accessible at your local grocery store via Coinstar kiosks, and this offering will make it even easier for consumers to participate in this dynamic new economy.”Coinstar, on the other hand, offers coin-to-cash conversion in their kiosks in multiple countries around the world but it still remains unknown whether the Bitcoin feature will expand just as quickly as it did in the US. Coinstar’s CEO Jim Gaherty noted: Coinstar offers coin-to-cash conversion kiosks in various countries throughout the world. It remains unknown whether the Bitcoin feature will expand beyond the U.S., while the company did not provide figures on how many machines will offer it.
“Coinstar is always looking for new ways to offer value to our consumers when they visit our kiosks.’’According to CoinATMRadar industry monitoring resource, there are more than 4187 Bitcoin ATMs worldwide and more than 60 percent or 2516 are in the United States. The market has grown plenty over the years and many operators are trying to get control of what they think to become a fairly popular trend for crypto usage.
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