UNITED STATES – In September 2017, JPMorgan CEO Jamie Dimon made a big statement, calling bitcoin “fraud”, which, according to many analysts, led to another fluctuation in prices in the market. Subsequently, Daimon publicly acknowledged his original characterization of the crypto currency misleading.
A recent report by JPMorgan reports that digital currencies are unlikely to disappear overnight. At the same time, experts of the financial holding advise investors to prepare for the fact that the bitcoin rate will drop by another 50%.
“Crypto-currencies are unlikely to completely disappear, they can easily survive in one form or another among players who are striving for increased decentralization, peer-to-peer networks and anonymity, even if the last item is threatened,” the report said.
JPMorgan also notes that crypto currencies can serve as a tool for diversifying portfolios by presenting digital tokens as an asset that does not follow the movements of the securities market.
At the same time, technological features of bitcoin and other crypto-currencies do not allow them to compete on an equal footing with already existing fiat currencies as a settlement tool, analysts write.
However, the blockade is already ready to occupy a worthy place in the financial system. Earlier it became known that JPMorgan is considering the possibility of integrating technology into its own systems. In November last year several large financial institutions, including JPMorgan Chase, Goldman Sachs, BNP Paribas, Credit Suisse and Citi, conducted a pilot swap test with securities based on distributed registry technology.
The participants of the pilot project concluded that with the help of the blockbuster one can improve the efficiency of various operations in the financial market. In particular, organizations noted that when all participants in a transaction use identical and unalterable data, transaction payments can be processed faster, because they require fewer different approvals and exclude the possibility of disputable issues.
The authors of the report note a number of advantages of the blocker, which can accelerate the processing of cross-border payments, form the basis of user incentive systems and become an integral part of the Internet of things.
Despite the recognition of the blockade and the crypto currency as such, analysts warn crypto-currency investors that the worst may still be ahead, based on the results of technical analysis. In their opinion, the bitcoin rate is heading to $ 4,605, that is, it is preparing to fall by almost 50% relative to current levels:
“The question is whether bitcoin will fall to this mark immediately, without reaching $ 10128 and $ 10776, or does it At a later stage, entering before this in a strong unfolding trend :.
At the same time, analysts admit that they are impressed by the ability of bitcoin to rise after a recent fall, and argue that the fate of the crypto currency will be decided only if it can not break through the resistance indicated above. If she can do it, she can return to the channel $ 14,334-16,304.
At the time of writing, the bitcoine rate fell by 3.5% to $ 8,502. All other crypto-currencies from the top ten are also in the “red zone” according to the data CoinmarketCap. The total capitalization of the Crypto-currency was $ 411 billion, the index of bitcoin dominance was 34.9%.
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