US-based investment banking giant JPMorgan, led by crypto skeptic Jamie Dimon, reportedly allows its financial advisors to help all its wealth management clients invest in crypto funds. The news came via an internal memo that said clients can now trade five different crypto trusts from providers such as Grayscale Investments to Osprey Fund, Business Insider reported (via The Street), citing an undisclosed source. JPMorgan clients can now invest in crypto via these five trusts: Grayscale Bitcoin Trust, Grayscale Bitcoin Cash Trust, Grayscale Ethereum Trust, Grayscale Ethereum Classic Trust, and Osprey Bitcoin Trust.
One day you’re on top of the world, making headlines for your upcoming appearance on SNL. Not long after, you’re the laughing stock of the internet. That’s the curse of Dogecoin, which, along with Bitcoin, Ethereum and pretty much every other cryptocurrency, tumbled in value on Monday. Signs for a better Tuesday aren’t encouraging. What’s the reason? China — again. Back in May, Chinese officials reaffirmed an old ban that forbids financial firms from actively aiding in the mining and selling of cryptocurrencies. It caused a big dip, but crypto enthusiasts shrugged that the ban is nothing new, that it had enshrined in 2013 and then sparsely enforced.
Showcasing an equivalent fight among bulls and bears, Altcoins took a dive last week but bounced back with a strong retracement in the last 7 days. The overall market capitalization of crypto assets has nosedived more than 5-7 per cent after a pullback from the lows. The two important alternative assets, Binance Coin and Stellar, which stood at 4th and 17th rank by market cap, respectively, have shown strength.
Bitcoin has entered a consolidation phase following its May 19 crash from $42,600 to $30,000 on Coinbase. The flagship cryptocurrency recovered its losses quickly and reclaimed $40,000, but it failed to log a clear bullish breakout above this resistance level, and at the time of writing, the price remains pinned below $40,000. The latest price action in the Bitcoin (BTC) market has been, at best, choppy, with traders showing no clear indication of their short-term bias. Some analysts have predicted that if the BTC/USD price does not break above $40,000, it may very well fall to as low as $20,000 in the coming days.
Elon Musk, the CEO of Tesla and Spacex, has, at last, reaffirmed his cryptocurrency allegiance, after a series of contradictory signals that collaborated with the market plunge this past week. Musk affirmed he ultimately favors cryptocurrency against fiat-issued money on Twitter, something that was seen as a clear rebuff from his earlier statements where he criticized the Bitcoin network due to energy inefficiency claims.
The sudden arrival of ICP among the top-ranking cryptocurrencies caught many crypto traders and analysts off guard. A quick look into the token’s issuing authority, Internet Computer, described it as a “blockchain-based cloud computing project” that proposes to build an open, public network. Traders valued Internet Computer (ICP) at $630 in its debut on Coinbase on Monday. On Binance, however, the dollar bids for the token surged to as high as $3,093 as of Tuesday. Meanwhile, HitBTC reported ICP at a peak of roughly $407.
That didn’t take long: Bitcoin is already back to where it was at the start of Wednesday, just before the biggest sell-off in 14 months. As of press time, the largest cryptocurrency was changing hands around $42,500. That’s roughly where it started on Wednesday, just before a 14% sell-off over the ensuing 24 hours – the biggest single-day decline since March 2020. Prices nearly fell below $30,000 at one point. Ether (ETH), the second-largest cryptocurrency, was also on the mend Thursday, up 20% to about $2,931 at press time. The price tumbled 28% over the course of Wednesday, briefly dipping below $2,000. Other cryptocurrencies joined in the rebound. All of the free-floating cryptocurrencies in the CoinDesk 20 were up over the past 24 hours, with cardano (ADA) jumping some 69% to $1.92. Bitcoin cash (BCH) surged 57% to $845.
After a sharp selloff last week, holders of the “DOGE killer,” shiba Inu (SHIB), start this week on a green note, as Ethereum (ETH) co-founder Vitalik Buterin burned nearly all of the SHIB tokens in his possession, lowering the coins’ total supply. SHIB, now ranked 22nd by market capitalization, jumped around 50% tonight (UTC time), hitting USD 0.0000188, before correcting lower. At 09:13 UTC, it trades at USD 0.0000166 and is up by 4% in a day, having dropped by 56% from its all-time high of USD 0.00003791 (per Coingecko), reached on May 10. However, the price is still up by 2,341% in a month. Last week, Buterin made a series of donations to charitable organizations, totaling some USD 1.2bn, and which included 50trn SHIB tokens donated to India’s Crypto COVID Relief Fund.
Ethereum (ETH) and altcoins might keep outperforming bitcoin (BTC) in the months ahead, while the most popular crypto is preparing for a lift off, according to major crypto exchange Kraken. Meanwhile, JPMorgan sees “froth” in the crypto market and claims that ETH is now heavily overvalued. On average, April is its best performing month, but BTC posted its third-worst April performance (-2%) and its first negative monthly return since September 2020, Kraken said in its recent report.
The DOGE imitator gained nearly 1,000% in the past 48 hours as Binance announces it’s making room for SHIB despite Vitalik Buterin owing 50% of the supply. Having emerged with the self-applied moniker of “Dogecoin Killer,” the latest cryptocurrency to succeed on laughs alone is making its way to Binance. Shiba Inu (SHIB) burst into CoinMarketCap’s top 20 rankings just two days ago, likely a response by traders to the hype surrounding Dogecoin (DOGE). Within 48 hours, the SHIB token went from a valuation of $0.000003 to $0.000032 — a 966% increase, which added to over 2,300,000% growth since the start of the year.