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Another Victory For Bitcoin Forbes Bitcoin rose above $5,500 after bank earnings calls last week. More banks joined Goldman Sachs in stating they were examining the possibility of trading cryptocurrencies. Most notable was JP Morgan, whose CEO had publicly called Bitcoin and a ‘fraud …
Another Victory For Bitcoin Forbes Bitcoin rose above $5,500 after bank earnings calls last week. More banks joined Goldman Sachs in stating they were examining the possibility of trading cryptocurrencies. Most notable was JP Morgan, whose CEO had publicly called Bitcoin and a 'fraud ...
BlackRock CEO Larry Fink made news by saying that Bitcoin is just an index for money laundering during the same panel discussion where Jamie Dimon called Bitcoin buyers ‘stupid.’
BlackRock CEO Larry Fink made news by saying that Bitcoin is just an index for money laundering during the same panel discussion where Jamie Dimon called Bitcoin buyers ‘stupid.’
Now that this week’s Bitcoin craze has finally calmed down a bit, most altcoins are mounting a strong comeback. The Ethereum price is certainly moving up nicely over these past 24 hours, thanks to a 6.49% gain in USD value. With the Ethereum price pushing back toward the $350 mark, the world’s biggest altcoin is slowly recouping some of the losses sustained earlier this week. Ethereum Price Heads Back Toward $350 No one can deny the past month has been pretty interesting for Ethereum holders. There have been some good moments and a significant dip as well. More specifically, the
Now that this week’s Bitcoin craze has finally calmed down a bit, most altcoins are mounting a strong comeback. The Ethereum price is certainly moving up nicely over these past 24 hours, thanks to a 6.49% gain in USD value. With the Ethereum price pushing back toward the $350 mark, the world’s biggest altcoin is slowly recouping some of the losses sustained earlier this week.
Ethereum Price Heads Back Toward $350
No one can deny the past month has been pretty interesting for Ethereum holders. There have been some good moments and a significant dip as well. More specifically, the Ethereum price dipped to just below $200 less than a month ago. For a lot of people, this was a clear indication to stock up on some Ether as a way to make profits later on. The people who pursued this option will be quite pleased with how things have gone recently.
Ever since that big dip, the overall trend for Ethereum has been bullish. More specifically, the dip was followed by a rather quick bounce back to $258, indicating things would continue to head in the upward direction for some time to come. Right now, the Ethereum price is closing in on the $350 mark, further confirming the upward trend which has been forming for quite some time now.
Whether or not the Ethereum price will reach a new all-time high in the future, remains to be seen. If this trend keeps up, there is no reason to think Ethereum won’t be worth $400 or more before the year is over. Some people expect an Ethereum price of $1,000 in the near future, although that may be a stretch too far. After all, that would put the Ethereum market cap at over $95bn, making it surpass Bitcoin in the process.
One thing keeping the Ethereum price momentum going is the trading volume. More specifically, there is over $869m in 24-hour trading volume for Ethereum right now, which is a lot higher compared to what we have seen over the past few weeks. It is always good to see the trading volume go up, a sit seems all markets are picking up the pace. Most altcoins are noting their highest volume in days, and Ethereum is no exception in this regard whatsoever.
The largest market for Ethereum trading is Bithumb right now. Bitfinex and Coinone complete the top three. It is good to see fiat currency markets dominate the trading volume in this regard, as the first ETH/BTC trading pair comes in fourth place. All other trading markets for Ethereum in the top 12 are fiat-currency related, which means people are either massively buying Ether with fiat or looking to cash out. Only time will tell how this market evolves moving forward.
For the time being, things are looking pretty good for the Ethereum price. Reaching $350 shouldn’t be too much of an issue for the time being, although markets will always evolve in the direction we least expect. With this strong trading volume in place, it is expected the Ethereum price will continue its march toward $400 for at least the rest of the day. An interesting trend to keep an eye on, that much is certain.
The Wall Street tycoon and JP Morgan CEO Jamie Dimon is once again talking about bitcoin investors in a derogatory fashion. On October 12, Dimon told CNBC that he was done talking about bitcoin and that it was basically irrelevant to him. However, Dimon won’t shut up about bitcoin as the bank executive called bitcoin […]
The Wall Street tycoon and JP Morgan CEO Jamie Dimon is once again talking about bitcoin investors in a derogatory fashion. On October 12, Dimon told CNBC that he was done talking about bitcoin and that it was basically irrelevant to him. However, Dimon won’t shut up about bitcoin as the bank executive called bitcoin investors “stupid” and someday they will “pay the price.”
Dimon Says He Won’t Talk About Bitcoin But Then Gives a Speech About the Currency and It’s Investors
“The other thing I’ve always said about bitcoin, governments. This is not a technological statement — Governments are going to crush it one day,” explains Dimon this Friday.
Recently, Jamie Dimon called bitcoin a “fraud” and bitcoin markets saw a correction the following day stemming from Chinese exchange closures. Interestingly enough, JP Morgan Securities Ltd., bought up a bunch of bitcoin-based exchange-traded notes during the dip. The Wall Street mogul was even called out for market manipulation, and a report was filed with the Swedish financial authorities. The London-based algorithmic liquidity provider Blockswater explained Dimon had broken the financial bylaws within the European Union’s Market Abuse Regulation (MAR) articles.
Then this Thursday Dimon was recorded by the news outlet CNBC saying, “I wouldn’t put this high on the category of important things in the world, but I’m not going to talk about bitcoin anymore.” Then Marianne Lake JP Morgan’s CFO said, “we are open-minded for digital currencies that are properly controlled and regulated.” However, according to CNBC after these statements the very next day at the Institute of International Finance conference, Dimon had some choice words for bitcoin investors.
“If you’re stupid enough to buy it, you’ll pay the price for it one day,” Dimon explained to attendees of the event.
Dimon Could Care Less About Bitcoin Markets
Dimon’s opinions also follow bitcoin’s spectacular climb to the $5,840 territory on October 12. The decentralized currency has been on a record climb all year outpacing a majority of stocks, state-issued currencies, and commodities. Despite the price spike, Dimon is not in the least bit interested in bitcoin’s market value.
“The only value of bitcoin is what the other guy’ll pay for it,” Dimon explains. “Honestly I think there’s a good chance of the buyers out there are out there jazzing it up every day so that maybe you’ll buy it too, and take them out.”
I could care less what bitcoin trades for, how it trades, why it trades, who trades it. If you’re stupid enough to buy it, you’ll pay the price for it one day. I’ve also told people that it can trade at $100,000 before it trades to zero. Tulip bulbs traded for $75,000 or something like that — Who cares about bitcoin? The world economy is so big.
‘JP Morgan Moves More Money Than Bitcoin’
The executive went on to say that people are quite good at manipulating the press and pumping bitcoin. Dimon says “every day, you have CNBC, nonstop bitcoin” coverage and explains bitcoin markets are peanuts in his eyes.
JP Morgan alone, $6 trillion, we move all this money, and bitcoin in total, all these currencies, $50 billion dollars, maybe a billion dollars trades a day.
Even though Dimon said he wouldn’t talk about bitcoin anymore, he had an awful lot to say about the currency, while at the same time promoting a “blockchain technology,” either backed by a commodity or with government approval.
“When I made that ‘stupid statement’ calling bitcoin a fraud, my daughter sent me an email saying, ‘Dad, I own two bitcoins.’… My formerly smart daughter,” Dimon concludes.
What do you think about Dimon’s opinions about bitcoin? Let us know in the comments below.
Logical or Not, Bitcoin’s Coming Fork Is Boosting Its Price CoinDesk Bitcoin may be trading at an all-time high, but the reasons why have experts wondering. Despite increased dialogue about the cryptocurrency’s potential, and growing acknowledgment from the mainstream, there are some who believe now isn’t the best time …
Logical or Not, Bitcoin's Coming Fork Is Boosting Its Price CoinDesk Bitcoin may be trading at an all-time high, but the reasons why have experts wondering. Despite increased dialogue about the cryptocurrency's potential, and growing acknowledgment from the mainstream, there are some who believe now isn't the best time ...
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Now that this week’s Bitcoin craze has finally calmed down a bit, most altcoins are mounting a strong comeback. The Ethereum price is certainly moving up nicely over these past 24 hours, thanks to a 6.49% gain in USD value. With the Ethereum price pushing back toward the $350 mark, the world’s biggest altcoin is slowly recouping some of the losses sustained earlier this week. Ethereum Price Heads Back Toward $350 No one can deny the past month has been pretty interesting for Ethereum holders. There have been some good moments and a significant dip as well. More specifically, the
The Wall Street tycoon and JP Morgan CEO Jamie Dimon is once again talking about bitcoin investors in a derogatory fashion. On October 12, Dimon told CNBC that he was done talking about bitcoin and that it was basically irrelevant to him. However, Dimon won’t shut up about bitcoin as the bank executive called bitcoin […]
