JPMorgan applies blockchain to interbank dollar transactions in India amid growing signs of global de-dollarization.
How can Bitcoin hold $28K amid the banking crisis?
On this week’s episode of The Market Report, Cointelegraph’s resident expert discusses whether Bitcoin’s $28,000 support has a chance amid the recent banking crisis.
JPMorgan to acquire troubled First Republic Bank
Banking giant JPMorgan will take over the assets of the troubled First Republic Bank after its seizure by the California Department of Financial Protection and Innovation.
Bitcoin price jumps in the wake of First Republic Bank crash
The price of Bitcoin has bounced upwards as First Republic Bank deposit slump sparks fresh banking crisis fears in the United States.
Bitcoin market cap grows 60% in 2023 as top Wall Street banks lose $100B
Bitcoin has decoupled from stocks and rising ten years after the Cyprus banking crisis coincided with a BTC price boom.
Gemini’s banking relationship with JPMorgan ‘remains intact’
In a brief and straightforward message, crypto exchange Gemini denied reports and said its banking relationship with JPMorgan remains intact.
JPMorgan sees advantages in deposit tokens over stablecoins for commercial bank blockchains
Research from JPMorgan Chase explores the potential of deposit tokens as a stabilizing force in the digital money landscape.
Crypto is a nonexistent asset for big institutional investors – JPMorgan exec
The asset class volatility still poses a challenge to money managers, noted JPMorgan’s head of institutional portfolio strategy.
13% of Americans have now held crypto: JPMorgan research
The JPMorgan report is based on a study of cash transfers from banks to crypto accounts for over 5 million customers.
Polygon Sees Large Volume Of MATIC Whale Transactions In Last 24 Hours
The Polygon network is now lit like Christmas lights following a number of positive MATIC news that involve some of the biggest names in social media and finance industry.
For starters, Instagram users will soon have the ability to mint, showcase and even sell non-fungible token (NFT) collectibles through the blockchain network.
Two days ago, Meta, the owner of the social media platform, announced it will soon test said functionality to a small number of creators in U.S. before expanding to other countries.
Meanwhile, financial services global leader JPMorgan Chase successfully executed its first ever live trade on blockchain in line with the Monetary Authority of Singapore (MAS) Project Guardian.
The iconic financial institution took advantage of Polygon network’s cheap transaction fees to issue and trade tokenized assets in its first attempt in exploring the Decentralized Finance (DeFi) banking sector.
Polygon Responds Accordingly
MATIC, the native cryptocurrency of the blockchain system witnessed an unprecedented rally following the above-mentioned developments, going up by almost 30% over the last seven days.
According to tracking from Coingecko, the altcoin is changing hands at $1.21 at press time and has increased by more than 8% for the past 24 hours.
On its biweekly and monthly charts, the Polygon owned digital currency has gone up by 45.4% and 42%, respectively.
It has also witnessed significant capital inflow as it increased its overall valuation, which now currently stands at $10.73 billion, by more than 22% – enough for the asset to maintain its rank as the 11th largest cryptocurrency in terms of market capitalization.
MATIC also reduced its year-to-date losses to just 37.2% although it is still down by almost 59% from its December 27, 2021 all-time high (ATH) value of $2.92.
MATIC Whales Make Their Move
Over the last 24 hours, the Polygon network was in frenzy when transaction volumes involving whales soared, currently being considered as the highest in an eight-month time frame.
But a deep dive into related data revealed some of the whales may have started accumulating MATIC tokens as early as two weeks ago in anticipation of the massive surge being exhibited by the crypto right now.
It would appear that some of these investors timed their trades in order to gain bigger profit which, basically, is the ultimate goal in the crypto space.
This is evidenced by the sharp decline in supply of the cryptocurrency among major exchange platforms last October 11.
MATIC total market cap at $10.5 billion on the weekly chart | Featured image from Analytics Insight, Chart: TradingView.com
Disclaimer: The analysis represents the author’s personal understanding of the crypto market and should not be construed as investment advice.
JP Morgan executes first DeFi trade on a public blockchain: Finance Redefined
MakerDAO co-founder’s death opened a new pandora box of conspiracy theories, based on some of his recent tweets.
Traders expect 200% upside from MATIC, but does Polygon network data support that?
MATIC’s recent rally and partnerships are turning heads and on-chain activity may hint at further growth.
Crypto Biz: $470B bank enters crypto — Probably nothing, right?
Another major financial institution has signaled its intent to offer Bitcoin and Ether services to its clients.
Record stablecoin market share points to crypto upside: JPMorgan
Despite the FUD around stablecoins, the percentage of stablecoins in the total market cap has been growing recently, hitting new all-time highs.
Finance Redefined: Maker founder proposes endgame, Singapore explores DeFi and more
Top DeFi tokens broke out of the month-long bearish pressure to trade in the green and the total value locked in DeFi protocols saw a minor recovery amid continuous price volatility.
Snow Crash’s Metaverse was filled with ads in 1992, and the real one will be too
“Just making sh*t up” — Neal Stevenson’s science fiction novel, Snow Crash, long foretold the rise of a techno-marketing dystopia.
Crypto Biz: JPMorgan enters the Metaverse, Marshall Islands legalizes DAOs, Feb. 10–16
In other news, Fireblocks has acquired First Digital in a deal worth $100 million and the New York Stock Exchange is pursuing NFT trading.
JPMorgan unveils research on quantum resistant blockchain network
“QKD is the only solution that has been mathematically proven to defend against a potential quantum computing-based attack,” JPMorgan emphasized in its announcement.
JPMorgan estimates ‘fair value’ of Bitcoin at $38K
JPMorgan’s long-term theoretical target for Bitcoin stands at $150,000, up from $146,000 forecasted in January 2021.
Wall Street still not convinced on Bitcoin $100K this year: JPMorgan survey
JPMorgan and Chase call for calm in the crypto market. In a recent client survey, just 5% believe Bitcoin will hit $100,000 by year-end.