JPMorgan Remains Negative on Crypto: JPMorgan, one of the world’s largest investment banks, has reaffirmed its negative outlook on the cryptocurrency market in a recent report.
JPMorgan Remains Negative on Crypto
JPMorgan Remains Negative on Crypto: The bank expressed its concerns regarding the recent collapse of the $SI network, which it claims is “another setback for the crypto ecosystem.” The comments from JPMorgan come as shares of crypto-focused companies fell after Silvergate Capital disclosed plans to wind down operations and voluntarily liquidate. The price of Bitcoin, the world’s largest cryptocurrency, dipped to an intraday low of $20,816 on the Bitstamp exchange.
Coinbase’s stock dropped by almost 1%, and both Riot Blockchain and Marathon Digital, two major crypto mining companies, saw their stock slide by 2.3% each. JPMorgan goes on to say that replacing the instantaneous network for processing dollar deposits and withdrawals will be a difficult task.
Hence, the implosion of Silvergate is a significant blow to the cryptocurrency industry, which relies heavily on fast, efficient payment processing networks. The bank also highlights the reversal in the CME futures spread, which is indicative of a deterioration in demand. This could be interpreted as a signal that investors are less confident in the future of cryptocurrency.
JPMorgan Remains Negative on Crypto: JPMorgan Chase & Co is a financial service provider providing global investment banking, asset management, treasury, and other services that are headquartered in New York City, New York, and was founded in 1823.
According to the firm’s website, JPMorgan Chase & Co has approximately $2.6 trillion in assets, a presence in 100 markets, and more than 250,000 employees. The firm actively conducts research related to household spending & income, small business, healthcare, household debt, cities & local communities, financial markets, and labor markets.
J.P. Morgan & Company
JPMorgan Remains Negative on Crypto: The House of Morgan was born out of the partnership of Drexel, Morgan & Co., which in 1895 was renamed J.P. Morgan & Co. J.P. Morgan & Co. financed the formation of the United States Steel Corporation, which took over the business of Andrew Carnegie and others and was the world’s first billion-dollar corporation.
In 1895, J.P. Morgan & Co. supplied the United States government with $62 million in gold to float a bond issue and restore the treasury surplus of $100 million. In 1892, the company began to finance the New York, New Haven, and Hartford Railroad and led it through a series of acquisitions that made it the dominant railroad transporter in New England.