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JPMorgan Chase to launch cryptocurrency as cryptos are mixed

Feb 14, 2019

 

 
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Top 5 Cryptocurrencies sorted by 24 hour Volume

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Name Ticker Price 1H %Chg 24H %Chg 7D %Chg Market Cap Volume
Bitcoin BTC USD$3630.7 0.14% 0.04% 6.59% USD$63,675,517,468 USD$6,310,164,279
Ethereum ETH USD$122.43 -0.13% 0.13% 16.77% USD$12,838,042,331 USD$3,340,782,346
Litecoin LTC USD$42.0 -0.15% 0.32% 26.25% USD$2,539,757,054 USD$1,026,017,848
EOS EOS USD$2.76 -0.29% -3.54% 17.42% USD$2,499,645,268 USD$900,465,056
XRP XRP USD$0.31 0.05% 0.27% 4.2% USD$12,579,600,673 USD$420,684,622

Top 5 Cryptocurrencies sorted by 24 hour Price Percent Change

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Name Ticker Price 1H %Chg 24H %Chg 7D %Chg Market Cap Volume
NEM XEM USD$0.04 0.86% 1.65% 9.39% USD$371,228,368 USD$15,253,274
Litecoin LTC USD$42.0 -0.15% 0.32% 26.25% USD$2,539,757,054 USD$1,026,017,848
XRP XRP USD$0.31 0.05% 0.27% 4.2% USD$12,579,600,673 USD$420,684,622
Bitcoin Cash BCH USD$123.03 -0.11% 0.14% 6.36% USD$2,168,043,751 USD$252,260,555
Ethereum ETH USD$122.43 -0.13% 0.13% 16.77% USD$12,838,042,331 USD$3,340,782,346

 

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Crypto Market Recap

  • Cryptocurrencies remained broadly mixed in afternoon trading as the price of Bitcoin (BTC) is down 0.09% in the last 24 hours to USD$3,626.29. Currently, 5 of the top 10 cryptocurrencies by market capitalization, including Ethereum (ETH) and Ripple (XRP), are in the green, although all are only higher by less than 0.50%. Monero (XMR) is recording the worst losses among major cryptocurrencies, down 8.12% in the last 24 hours to USD$46.28. Binance Coin (BNB) is also posting notable losses, down 4.60% in the last 24 hours to USD$8.66.

Crypto Developments in Financial Services

  • JPMorgan Chase (JPM), a US banking giant, will become the first US bank to launch its own cryptocurrency, according to a report by CNBC Thursday. Dubbed JPM Coin, the cryptocurrency will be designed to increase settlement efficiency, specifically for international transactions that currently take a day or longer on the SWIFT network. Umar Farooq, JPM’s blockchain lead, discussed the company’s ventures into blockchain technology with CNBC, saying, “So anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction. The applications are frankly quite endless; anything where you have a distributed ledger which involves corporations or institutions can use this.”  
  • Banco Santander, one of the largest banks in Europe, has agreed to pay USD$700mm to partner with IBM and accelerate the bank’s development of technologies, including blockchain. According to an official press release published on Wednesday, the agreement will last five years and will aim to enhance Banco Santander’s services using mainly emerging technologies like blockchain, artificial intelligence, and big data. The press release quotes David Soto, the IBM General manager Santander Group, who said, “Santander Group is leveraging IBM technologies to support their security and regulatory work, and to rapidly develop new services that meet emerging customer demand by tapping into IBM’s unique technology and industry expertise.”

Crypto Regulatory Environment

  • Brian Quintenz, a Commissioner at the US Commodity Futures Trading Commission (CFTC), argued against the reasoning put forth by the US Securities and Exchange Commission (SEC) for not approving a Bitcoin (BTC) ETF while speaking on a panel at the BiPartisan Policy Center on Tuesday. Specifically, Quintenz argued that potential price manipulation should not be the barrier to BTC ETF approval by the SEC. Quintenz went on to suggest that basing a product off an index can sometimes make manipulation less likely, saying, “There are mathematical ways through a settlement index to design a contract where even if there isn’t a lot of liquidity on one exchange referenced, the index itself is not readily susceptible to manipulation.”

General Crypto News

  • Most digital tokens will have a value of 0 in the long-run, that is, according to Barry Silbert, CEO and founder of Digital Currency Group and Grayscale Investments. While speaking during a phone interview with CNBC, Silbert said, “I’m not a believer in the vast majority of digital tokens and I believe most will go to zero.” Silbert went on to add in the interview, “Almost every ICO was just an attempt to raise money but there was no use for the underlying token.” 
  • Baidu, the Chinese tech and search engine giant, announced the launch of Baidu Blockchain Engine (BBE), an operating system to enable decentralized application (DApp) development. According to an announcement by Baidu Cloud, BBE aims to make DApp development, “as simple as creating a mobile app.” BBE was built based on Baidu’s “ABC” technology strategy, which stands for artificial intelligence (AI), big data, and cloud computing. 
  • KT Corporation, one of South Korea’s largest telecommunication companies, was chosen to develop a local cryptocurrency for the South Korean city of Gimpo. According to a report by news outlet ZDNet Korea, the local cryptocurrency, dubbed K token, will launch in April following the completion of a pilot project in March. Gimpo will reportedly issue 11bn won worth of the new cryptocurrency per year, worth more than USD$9.7mm.

 

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*Data in Price Return and Updated Real-Time (with a delay), Source: StockDio

Sources:

http://baijiahao.baidu.com/s?id=1625401104299366436 
http://www.zdnet.co.kr/view/?no=20190214093448 
https://bitcoinist.com/jpmorgan-jpm-coin-cryptocurrency/ 
https://coin360.io/  
https://coinmarketcap.com/  
https://cointelegraph.com/news/cftc-official-argues-against-secs-grounds-for-disapproving-bitcoin-etfs 
https://cointelegraph.com/news/chinese-tech-giant-baidu-launches-blockchain-os-to-support-dapp-development 
https://cointelegraph.com/news/jpmorgan-chase-launches-jpm-coin-using-crypto-to-speed-settlements 
https://cointelegraph.com/news/most-digital-tokens-will-go-to-zero-says-digital-currency-group-ceo 
https://cointelegraph.com/news/santander-enters-700-million-deal-to-use-ibms-tech-including-blockchain 
https://cointelegraph.com/news/sec-rejects-9-bitcoin-etf-applications-from-proshares-direxion-and-graniteshares 
https://cointelegraph.com/news/south-koreas-largest-telecom-company-to-develop-local-crypto-report 
https://newsroom.ibm.com/2019-02-13-IBM-strikes-700M-deal-with-Santander-to-accelerate-transformation 
https://www.cnbc.com/2019/02/13/digital-currency-group-ceo-says-most-cryptocurrencies-will-fail-but-bitcoin-is-still-king.html 
https://www.cnbc.com/2019/02/13/jp-morgan-is-rolling-out-the-first-us-bank-backed-cryptocurrency-to-transform-payments--.html 
https://www.coindesk.com/jpmorgan-moving-its-in-house-crypto-to-real-world-trials-report 
https://www.youtube.com/watch?v=JHJkmVjJceU&feature=youtu.be&t=3029 

 

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