After four years of calling Bitcoin a fraud, JPMorgan Chase now hiring Blockchain developers and price judgment
Bitcoin, after hitting an all-time high last week, is showing signs of weakness. Now, with the sudden sell-off over the weekend driving Bitcoin investors and traders reeling, JPMorgan analysts have warned that if Bitcoin price does not soon regain a rally above $ 60,000, credit Bitcoin’s momentum effect will collapse.
JPMorgan sounds urgent alarm on Bitcoin price momentum after $ 300 billion BTC and crypto sell-off
Over the weekend, around $ 10 billion in bitcoin and crypto long positions — bets the bitcoin price will rise — were liquidated as fear gripped the bitcoin market, sending the bitcoin price down over 10% in a matter of hours. The combined bitcoin and cryptocurrency market lost some $ 300 billion from its market capitalization of over $ 2 trillion.
The sudden sell-off came after a heady week of bitcoin and crypto hype surrounding the market debut of major U.S. exchange Coinbase that culminated with the price of dogecoin, a tongue-in-cheek alternative to bitcoin, soaring more than 400%.
There is also the opinion that Bitcoin is unable to keep up its momentum after listing on Coinbase. Just a move above $ 60,000 is a key resistance for any bull trap rally, which should help restore confidence that the uptrend remains intact.
Meanwhile, other Wall Street analysts have also warned that the massive bitcoin price spike, fueled by the emergence of long-awaited institutional adoption and Tesla billionaire Elon Musk, drives the money markets. electronics were in a frenzy, possibly coming to an end.
Investment firm JP Morgan Chase, which previously held a stiff stance on bitcoin and cryptocurrencies, is currently joining many organizations to adopt blockchain technology.
JPMorgan strategists led by Nikolaos Panigirtzoglou wrote in a note to clients that were first reported by Bloomberg:
“Over the past few days, bitcoin futures markets experienced a steep liquidation similarly to the middle of last February, middle of last January, or the end of last November. Momentum signals will naturally decay from here for several months, given their still-elevated level.”
JP Morgan is now hiring Ethereum and Blockchain developers
US investment bank JP Morgan Chase is currently actively hiring developers to develop Ethereum and blockchain.
This position was posted on the US website using Glassdoor. The company is looking for developers with experience writing smart contracts, deploying business applications, and verifying cryptographic protocols on the blockchain.
This announcement could be a good signal that JP Morgan is finally joining the big wave of financial institutions embracing cryptocurrencies and blockchain technology. The bank says it will be ready to deal with cryptocurrencies once enough institutional demand comes to the company to seek exposure.
JP Morgan also supported the 1% allocation into BTC as a hedge fund, highlighting the weakening supply of liquidity as companies are currently hoarding large amounts of BTC. Data from Glassnode shows how the liquid supply decreases as large holders and miners increase their positions in the market.
— Documenting Bitcoin 📄 (@DocumentingBTC) April 20, 2021
About 78% of the total BTC in circulation is lost or held, with just under 4 million BTC left to trade. An example of an institutional hoard is Grayscale, which holds more than $ 36 billion worth of Bitcoin. The Asset Management Company recently reported total Assets Under Management (AUM) of $ 50 billion, though this number has changed due to a drop in prices towards year-end.
Another institution that is expanding its crypto horizons is Chicago-based Rothschild Investment Corp. The asset manager recently bought back 265,302 shares from the Grayscale Ethereum Trust (ETHE), a purchase worth $ 4.75 million. Besides, the company bought 8,000 shares from the Bitcoin Trust, which now owns a total of 38,346 shares.
You can see the BTC price here.
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