Connect with us

Bitcoin

Despite JPMorgan CEO’s Condemnation, Investors Continue to Buy Bitcoin

Published

on

Last week, at a banking conference hosted by Barclays, JPMorgan CEO Jamie Dimon condemned bitcoin and offered ill-founded arguments to delegitimze bitcoin. Dimon went as far to state that governments should close or shut down bitcoin as a whole.

// -- Discuss and ask questions in our community on Workplace.

Many mainstream news networks including CNBC that covered the event criticized Dimon for his comments on bitcoin and his clear lack of knowledge in bitcoin and cryptocurrencies in general. Brian Kelly, a long-time CNBC analyst and prominent portfolio manager, stated on CNBC’s Fast Money:

“I think Jamie Dimon is wrong. One, the genie is out of the bottle here. And also, Dimon talked about how governments are going to shut it down. Bitcoin is designed to go around governments. That is exactly what it was designed for and you are starting to see that. Jamie even said in his comments that if you are in Venezuela, it might be good to use bitcoin to go around the government, which is exactly the point.”

Kelly emphasized that Dimon directly contradicted his point by justifying the purpose of bitcoin in regions like Venezuela that have poor banking standards and unreliable financial service providers. More importantly, Kelly depicted Dimon’s misunderstanding of the decentralized nature of bitcoin. If Venezuelan users can utilize bitcoin to send transactions as a way to go around the government, so can users in the US, Europe and Asia. Because the structure of bitcoin and all of the relevant people that operate bitcoin including miners, node operators and developers are distributed, it is virtually not possible to shut bitcoin down.

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

At the conference in which Dimon spoke, Chamath Palihapitiya, a prominent venture capitalist and the owner of the Golden State Warriors, also refuted Dimon’s claims. Palihapitiya dismissed Dimon’s criticism of bitcoin and his description of the digital currency as a “fraud,” as he stated:

“Absolutely not [bitcoin is not a fraud]. It cannot be a fraud. What countries can constrain today is how it [bitcoin] is effectively traded but it cannot be controlled. It is a fundamentally distributed system that exists peer to peer. And so to the extent that you can basically eliminate the will and the actions of every single person in the world, you can eliminate it. But in the absence of that, the genie is fundamentally out of the bottle.”

Palihapitiya’s explanation and praise on bitcoin and its structure was very similar to that of the Bank of Finland. In its latest research discussion paper, Bank of Finland, the central bank of Finland, encouraged economists to study the “marvelous” structure of bitcoin. JPMorgan and many other financial institutions have been working to create blockchain-based systems. Yet, after billions of dollars in investment, not a single successful commercial blockchain system has been released. That is because they lack the decentralized nature of bitcoin.

More importantly, as bitcoin expert Andreas Antonopoulos previously explained, bitcoin synergizes with other technologies such as Schnorr signatures, advanced elliptic curve applications and ring signatures. The blockchain merely operates as a database system within bitcoin. Hence, when Dimon stated that governments should close down bitcoin, he likely thought under the premise that bitcoin’s blockchain is operated by a central entity as many permissioned blockchain networks are.

But, an increasing number of traders and casual investors are beginning to appreciate the decentralization of bitcoin. In fact, trusted sources including bitcoin developer Andrew DeSantis and bitcoin investor IamNomad revealed that various bank accounts of JPMorgan Securities Ltd. purchased bitcoin earlier this week. Analyst Tone Vays stated that it was likely the clients of JPMorgan that bought massive amounts of bitcoin through a bitcoin exchange traded note provider in the Swedish stock market.

Despite the strong condemnation on bitcoin by the CEO of JPMorgan and other well respected economists such as Peter Schiff, a rapidly increasing number of people are starting to understand what bitcoin is, what it offers and what it is capable of. It is not a centralized platform which governments can shut down, it is a decentralized financial system that will co-exist with the global banking industry until it becomes the global financial network.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
0 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 50 votes, average: 0.00 out of 5 (0 votes, average: 0.00 out of 5)
You need to be a registered member to rate this.
Loading...

3.4 stars on average, based on 3 rated postsJoseph Young is a finance and tech journalist based in Hong Kong. He has worked with leading media and news agencies in the technology and finance industries, offering exclusive content, interviews, insights and analysis of cryptocurrencies, innovative and futuristic technologies.




Feedback or Requests?

Analysis

Technical Analysis: Majors Stage Rally but Strong Levels Still Ahead

Published

on

The cryptocurrency segment has recovered from a broad correction today in early trading, with the most valuable coins all turning into green during the session, despite the bearish start to the overnight session. With bottom-to-top gains of up to 15%, the rally helped in easing the worries of bulls, especially in the case of the relatively weaker coins.

// -- Discuss and ask questions in our community on Workplace.

Bitcoin and most of the largest altcoins remained stable during the selloff, and BTC recaptured the $10,000 level quickly after trading as low as $9600 overnight. The initial rally topped out near $10,400, and the coin is trading back near the $10,000 level, as the bullish momentum faded away somewhat.

BTC/USD, 4-Hour Chart Analysis

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

That said, we expect the uptrend to continue even if the correction could still carry Bitcoin lower. Further strong support is found between $9000 and $9200, while targets are ahead at $11,300, $13,000, and $14,250.

ETH/USD, 4-Hour Chart Analysis

Ethereum showed strength during the bounce again after yesterday, together with the early leaders of the rally, and although the coin dipped below the $845 level in the second half of the session, the signs remain positive for bulls. Support levels are now found at $780, $740, $625 and $575, while resistance is ahead near $910 and $1000.

(more…)

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
6 votes, average: 4.83 out of 56 votes, average: 4.83 out of 56 votes, average: 4.83 out of 56 votes, average: 4.83 out of 56 votes, average: 4.83 out of 5 (6 votes, average: 4.83 out of 5)
You need to be a registered member to rate this.
Loading...

4.7 stars on average, based on 115 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




Feedback or Requests?

Continue Reading

Analysis

Crypto Update: Encouraging Bounce before the Weekend

Published

on

The correction that started out in the major lagging altcoins and spread to the leaders of the market yesterday is weakening, with a nice rally today in early trading in most of the majors.  Although the segment is not out of the woods just yet, the bullish signs which have been present ever since the lows three weeks ago still persist.

// -- Discuss and ask questions in our community on Workplace.

Bitcoin stayed clear of the key $9000-$9200 support zone, for now at least, which would be an ideal bottom for the correction, but as we noted long-term investors should accumulate the coin during the correction, as the short-term momentum is already back to neutral. The $10,000 level is still in the focus, while the next major resistance is found at $11,300 and the prior rally high near $11,750 is also ahead as an obstacle.

BTC/USD, 4-Hour Chart Analysis

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

The early leaders of the rally, Litecoin and Ethereum Classic are once again showing strength and that could signal that the next leg higher already started. That said, with several coins still stuck in broader downtrends, investors should still expect a bumpy road, with the occasional volatile sell-off.

Litecoin got very close to the $180 support that we have been monitoring throughout the correction, but it quickly bounced above the $200 level again, as the broad bounce started after testing the previously dominant declining trendline. So far, the price action in the coin is consistent with a new uptrend and we still expect LTC to lead the market higher.

LTC/USD, 4-Hour Chart Analysis

Ethereum Showing Positive Signs Again

ETH/USD, 4-Hour Chart Analysis

After yesterday’s early signs of relative strength, the second largest coin is now clearly showing evidence of accumulation, as it quickly recovered above the $845 level following the selloff after the US close. The coin established a new support near $780, and as the MACD is close to providing a bullish cross, it might signal the bottom of the correction.

Despite the bullish price action across the board, even in the recently lagging XRP and IOTA, the correction could still continue, but we still advise traders and investors to look for entry points as we expect the recovery to continue, although traders should still use smaller positions in the relatively weaker coins.

Stay tuned for our detailed technical analysis later on today.

Featured image from Shutterstock

Disclaimer:  The analyst owns cryptocurrencies. He holds investment positions in the coins, but doesn’t engage in short-term or day-trading, nor does he hold short positions on any of the coins.

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
6 votes, average: 5.00 out of 56 votes, average: 5.00 out of 56 votes, average: 5.00 out of 56 votes, average: 5.00 out of 56 votes, average: 5.00 out of 5 (6 votes, average: 5.00 out of 5)
You need to be a registered member to rate this.
Loading...

4.7 stars on average, based on 115 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




Feedback or Requests?

Continue Reading

Analysis

Technical Analysis: Correction Continues but Coins Remain Stable

Published

on

It’s been another mixed session for cryptocurrency investors as judging by only the price action, the segment suffered losses across the board, but comparing the current sell-off to the January plunge reveals that the majors are much more resilient this time around.

// -- Discuss and ask questions in our community on Workplace.

The largest digital currencies are holding on to most of the gains of the recent weeks, and the price action near the crucial support zones is also encouraging. With all that said, the correction is not over yet, and further losses are still in the cards, but barring a substantial change in price action, the coins will likely continue the rally.

BTC/USD, 4-Hour Chart Analysis

// -- Become a yearly Platinum Member and save 69 USD and get access to our secret group on Workplace. Click here to change your current membership -- //

Bitcoin has been trading around the key $10,000 level all day long, and, so far, a clear break-down has been averted. The short-term momentum indicators are now in neutral territory regarding the most valuable coin, and that could mean that a bottom is close, and investors should already add to their holdings here. Further strong support is found between $9000 and $9200, while targets are ahead at $11,300, $13,000, and $14,250.

XMR/USDT, 4-Hour Chart Analysis

Correlation between the majors has increased during the sell-off, but there are still clear outperformers and laggards, adding to the bullish case. Monero remains among the strongest coins from a technical perspective, trading right at the lower boundary of the bullish consolidation pattern, with the $280 price level holding up for now. The coin faces strong resistance near $300 and $335, but we expect the uptrend to continue with the next target being ahead at $400, while further support is found at $240.

(more…)

Important: Never invest (trade with) money you can't afford to comfortably lose. Always do your own research and due diligence before placing a trade. Read our Terms & Conditions here. Trade recommendations and analysis are written by our analysts which might have different opinions. Read my 6 Golden Steps to Financial Freedom here. Best regards, Jonas Borchgrevink.

Rate this post:

Important for improving the service. Please add a comment in the comment field below explaining what you rated and why you gave it that rate. Failed Trade Recommendations should not be rated as that is considered a failure either way.
9 votes, average: 4.33 out of 59 votes, average: 4.33 out of 59 votes, average: 4.33 out of 59 votes, average: 4.33 out of 59 votes, average: 4.33 out of 5 (9 votes, average: 4.33 out of 5)
You need to be a registered member to rate this.
Loading...

4.7 stars on average, based on 115 rated postsTrader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.




Feedback or Requests?

Continue Reading

Recent Comments

Recent Posts

A part of CCN

Hacked.com is Neutral and Unbiased

Hacked.com and its team members have pledged to reject any form of advertisement or sponsorships from 3rd parties. We will always be neutral and we strive towards a fully unbiased view on all topics. Whenever an author has a conflicting interest, that should be clearly stated in the post itself with a disclaimer. If you suspect that one of our team members are biased, please notify me immediately at jonas.borchgrevink(at)hacked.com.

Trending