Thursday, May 19, 2022

Bitcoin continues to trade above $55,000 as JPMorgan hints at exploring BTC.

The Takeaway:

Bitcoin's price fell as much as 2.1% back down to $53,500 overnight, but it quickly gained above $55,000 early Wednesday.

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Bitcoin has witnessed a massive winning rally this year as it piqued the interest of big institutions. The price of bitcoin had reached as high as $58,000 earlier. At the time of writing, BTC is changing hands at just above the $55,000 mark after briefly retracting to $52,000 overnight. The long-time crypto skeptic and America’s largest bank, JPMorgan Chase, has hinted to explore the leading cryptocurrency. 


JPMorgan Chase’s co-president says they will have to get involved with cryptocurrency. 

Daniel Pinto, the co-president of JPMorgan Chase & Co, admitted the finance giant “will have to be involved” in cryptocurrency. The international banking giant announced yesterday that they would issue debt linked to a basket of companies that they believe “to be, directly or indirectly, related to cryptocurrencies or other digital assets, including as a result of Bitcoin holdings, cryptocurrency technology products, cryptocurrency mining products, digital payments or Bitcoin trading.” Four years ago, Chairman and CEO Jamie Dimon branded Bitcoin “a fraud” and “worse than tulip bulbs.” The new stance from the bank could have a major impact on the crypto industry. 


Chinese tech firm purchases $40 million worth of BTC and ETH. 

Meitu, a Chinese company that makes a photo editing app, has purchased bitcoin and Ether worth $40 million, becoming the latest firm to buy cryptocurrencies. The Chinese firm has followed Tesla and Square’s likes in purchasing the leading cryptocurrency bitcoin. The Hong Kong-listed company announced that it bought $22.1 million worth of Ether and $17.9 million worth of bitcoin on March 5. The Chinese firm said in a statement that “blockchain technology has the potential to disrupt both existing financial and technology industries, similar to the manner in which mobile internet has disrupted the PC internet and many other offline industries.” 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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