According to TD Cowen, it is unlikely for the SEC to approve an Ethereum ETF soon.

TD Cowen expects the SEC to gain experience with Bitcoin ETPs before approving Ethereum or other crypto token ETPs.

TD Cowen’s research group thinks it could take up to 26 months before the SEC would approve an Ethereum ETF.

It is unlikely for the US Securities and Exchange Commission (SEC) to approve an Ethereum ETF soon, according to TD Cowen, a leading American multinational investment bank. 

Investment bank TD Cowen said the U.S. SEC is unlikely to approve a spot Ethereum ETF in the short term. The SEC will want to gain experience with Bitcoin ETPs before approving Ethereum or other crypto token ETPs. The wait may not be as long as 26 months, but it will likely be…

— Wu Blockchain (@WuBlockchain) January 14, 2024

The TD Cowen Washington Research Group reported that the bank expects the SEC to gain experience with Bitcoin ETPs before approving Ethereum or other crypto token ETPs.

Earlier in the past week, the Group, led by Jaret Seiberg, noted that it could take up to 26 months before the SEC would approve an Ethereum ETF. 

It further stated that any approval of such would likely not happen until after the upcoming elections in the United States.

The Group noted:

“Our expectation is that the agency will not be approving ETPs for other crypto tokens any time soon as we believe the SEC will want to gain experience from Bitcoin ETPs before it approves an Ethereum or other crypto token ETP.”

See Also: Does The Approval Of The BTC Spot ETFs Make Bitcoin Centralized?

The SEC approved the first set of spot Bitcoin ETFs earlier this week following many years of delay and multiple rejections. 

The approved ETFs include Blackrock’s iShares Bitcoin Trust (NASDAQ:IBIT), Grayscale Bitcoin Trust (NYSE:GBTC), Fidelity Wise Origin Bitcoin Trust (NYSE:FBTC), Bitwise Bitcoin ETF (NYSE:BITB), among several others.

TD Cowen is not alone in its projection of a longer wait before an Ethereum ETF is approved. According to reports, those at JP Morgan aren’t betting big either on an Ethereum ETF approval soon. 

Nikolaos Panigirtzoglou, a Managing Director at JP Morgan, is reported to have said that for the SEC to approve spot Ethereum ETFs in May, it would need to classify Ethereum as a commodity (similar to bitcoin) rather than a security, and he doesn’t see that happening any time soon.

The post TD Cowen Revealed That The SEC Will Not Approve An Ethereum ETF Soon appeared first on BitcoinWorld.

The post JPMorgan’s Coin Processes $1B Daily in Transactions! appeared first on Coinpedia Fintech News

JPMorgan’s blockchain-based digital token, JPM Coin, now handles $1 billion of transactions daily, according to the bank’s Global Head of Payments, Takis Georgakopoulos. The token, which allows wholesale clients to make payments via blockchain, is a rare example of live blockchain use by a major bank. Georgakopoulos said that while most transactions currently take place in US dollars, the bank plans to widen its usage in the future.

Jamie Dimon, the robust and assertive CEO of JPMorgan, has decided to part ways with a whopping 1 million shares in the bank, marking a historic departure from his previous investment stance.

After almost two decades of unwavering loyalty and accumulation, Dimon’s move is nothing short of monumental in the financial world.

As it stands, this transaction could fatten his pockets by over $140 million, although he and his kin will still retain a hefty 7.6 million shares, holding the fort with a combined worth of $1.4 billion, options included.

This sale isn’t just about the numbers; it’s a pivotal moment that raises eyebrows and sparks speculation about Dimon’s future in the company and the reasons behind this financial reshuffle.

In an official statement, JPMorgan framed this sale as a strategy for “financial diversification and tax-planning purposes.” Yet, the underlying message was clear: Dimon is still all in on JPMorgan, believing wholeheartedly in its robust prospects.

Unraveling Dimon’s Motives

However, this story is not a straight line. While the official line talks about financial wisdom and planning, we can’t help but wonder if this is the prelude to a bigger shift.

Wall Street is buzzing with speculation, particularly when you juxtapose this sale with the recent announcement from James Gorman, Dimon’s counterpart at Morgan Stanley, about his impending departure as CEO.

For years, JPMorgan has boasted about Dimon’s unwavering commitment, highlighting that he never sold a single share. So why now?

The spokesperson for JPMorgan was quick to quash any succession speculation, stating this sale doesn’t signal any change in leadership plans and Dimon isn’t gearing up for any more sales soon.

However, at 67 years old, Dimon’s tenure in the financial world is undeniable, and this move could be seen as a strategic play, setting the stage for future financial stability.

A Look at Dimon’s Legacy and Future Prospects

Dimon’s journey with JPMorgan started back in 2004, and by 2006, he had climbed to the very top, serving as CEO, Chair, and President.

He has always been a stalwart supporter of holding company stock, a tradition instilled by his mentor Sandy Weill at Citigroup. This recent sale represents a stark departure from that tradition, a move that even Wall Street veterans did not see coming.

While other executives sold shares post-financial crisis, Dimon held his ground. His commitment even included a personal investment in 2016, where he bought 500,000 shares for over $25 million.

Since then, JPMorgan’s stock has soared by 160%. During a May 2022 investor day, Dimon was still singing praises of JPMorgan shares, showcasing his unwavering belief in the company’s value.

However, Dimon has also shown signs of concern, especially with recent proposals for new capital rules by US regulators, which he believes could jeopardize the attractiveness of bank stocks.

These concerns, coupled with his substantial payout of $34.5 million for 2022, paint a complex picture of a man at the crossroads. In the end, while this sale might seem like a financial and strategic play, it’s impossible to ignore the underlying currents of change and uncertainty.

Dimon’s legacy at JPMorgan is solid as a rock, but even rocks can erode over time. What remains to be seen is how this sale will influence JPMorgan’s future and Dimon’s place within it.

Avalanche (AVAX) has considerably cooled off since its hot start to the year but the future remains ever so murky for holders. On the other hand, trending new presale crypto sensation Kelexo (KLXO) has been making headlines after massive inflows from Tether (USDT) holders were detected. Why is Kelexo (KLXO) the hottest presale investment opportunity thus far in 2024? Read on to find out why and whether you should get in on the early action. 

Avalanche (AVAX) Outage Leads to Decline in Token Prices

The Avalanche (AVAX) mainnet suffered a major outage in the past 24 hours, compounding what was already a bearish week for the distributed software platform. Besides the concerning downtime, Avalanche (AVAX) was already in the midst of a massive 9 million token unlock, which diluted token supply and put prices on a bearish downturn.  As news of the outage spread, Avalanche (AVAX) token prices slipped by almost 4%, trading at $35.27 as of press time. Avalanche (AVAX) is down almost 12% in the past week.

JPMorgan Raises Concerns About Tether (USDT) 

Global banking and financial services giant JPMorgan has raised concerns about the Tether (USDT) Foundation’s wanton printing of tokens, with the stablecoin giant almost surpassing $100 billion in market capitalization. As of this writing, Tether (USDT) sits on a $97.8 billion market cap. However, JPMorgan has raised red flags about the laissez-faire approach of the Tether (USDT) Foundation as regards regulatory compliance and transparency. According to the financial services powerhouse, a “black swan” event involving Tether (USDT) in the form of looming U.S. and European regulations could put the entire cryptocurrency market at risk.

Kelexo (KLXO) Presale Makes it Among Hottest Crypto Trends

The smart money is eagerly moving into presales and low-caps within the DeFi sector, particularly targeting those projects that have yet to fully unleash their potential.

Amidst this fervor, a new player in the DeFi realm, Kelexo (KLXO), is creating significant excitement during its presale phase. Positioned as the pioneering decentralized peer-to-peer lending marketplace, Kelexo (KLXO) is attracting substantial interest and investment from crypto enthusiasts, including Solana (SOL) and Tether (USDT) holders.

What distinguishes Kelexo (KLXO) from existing decentralized P2P lending platforms is its user-friendly marketplace model, seamlessly connecting borrowers and lenders in a manner that is accessible to everyone. Securing credit is as straightforward as hunting for the best bargain, while lenders can offer crypto-backed loans in mere minutes. With Kelexo (KLXO), anyone and everyone can provision loans and gain access to credit 24 hours a day, 7 days a week, 365 days a year. No hoops to jump through, no KYC procedures to fulfill and no endless wait times. Guaranteed.

To further ensure the trustworthiness of the platform, Kelexo (KLXO) will be supported by thoroughly audited smart contracts and a lifetime liquidity lock. Additionally, token allocations of the team will remain locked for 500 days. With all the indicators pointing towards a presale project that could skyrocket in the coming years.

Find out more about the Kelexo (KLXO) presale by visiting the website here

The post Trending presale Kelexo (KLXO) gains huge Tether (USDT) whale, while Avalanche (AVAX) see murky future appeared first on Latest News and Insights on Blockchain, Cryptocurrency, and Investing.

Banking giant JPMorgan has unveiled a cutting-edge programmable payment feature for institutional users of its blockchain-powered payment system, JPM coin. Clients can now customize and program payments for various financial needs.

Programmability is key for the sustainability of digital assets

Naveen Mallela, Head of Coin Systems at JPMorgan subsidiary Onyx.

The payment method will enable real-time, automated, and customizable payment operations. Mallela highlighted that users can automate transactions based on preset rules.

It will expedite processing and ensure operational continuity even during weekends and holidays by eliminating the need for manual checks.

JPMorgan and Siemens AG have achieved a milestone with the successful implementation of programmable payments. They initiated the testing phase in 2021.

Other major players like FedEx and Cargill, want to integrate this payment method in the coming weeks.

Institutions adopt Blockchain

The move aligns with a broader trend observed among major financial institutions, with HSBC, Euroclear, and Goldman Sachs at the forefront of incorporating blockchain technology into traditional finance.

HSBC’s venture into blockchain for trading, particularly its collaboration with Swiss digital assets firm Metaco, is a testament to this trend. The forthcoming platform will empower institutional customers to hold blockchain-based tokens representing non-crypto assets, expanding the horizons of financial innovation.

HSBC has made it fast and transparent to exchange of ownership stakes in actual gold through its blockchain program for gold trading. Investors can easily purchase and sell digital tokens—each of which represents ownership of a unique gold bar kept in HSBC’s London vault—using distributed ledger technology.

These developments mark a shift as blockchain looks set to integrate with the traditional finance sector. It will usher an era of efficiency, transparency, and automation in payments and transfers.

The post JPMorgan revolutionizes finance with programmable payments on JPM Coin appeared first on Todayq News.

Jamie Dimon crypto comments irk community Read CoinChapter.com on Google News

LUCKNOW (CoinChapter.com) — JPMorgan CEO Jamie Dimon’s crypto statement provoked criticism from the sector’s hardcore proponents this week. Notably, Dimon denounced Bitcoin and crypto as primarily useful tools for criminals while speaking before the US Senate Committee on Banking, Housing, and Urban Affairs on Dec. 5.

“The only true use case for it is criminals, drug traffickers, money laundering, tax avoidance.” He went so far as to say “If I were the government, I’d close it down.”  

Dimon stated

Is Jamie Dimon Crypto Comments Hypocritical?

Many crypto experts and commentators pointed out JPMorgan‘s long record of fines and violations. According to Good Jobs First’s violation tracker, JPMorgan is the second most penalized bank at $39.3 billion since 2000. Most of these fines — around $38 billion worth — came under Jamie Dimon’s leadership as CEO starting in 2005.  

Crypto lawyer John Deaton criticized Dimon’s remarks in a Dec. 6th social media post, arguing that the CEO demonstrated hypocrisy, given JPMorgan’s history of violation. 

VanEck strategy advisor Gabor Gurbacs expressed a similar sentiment, stating:

“Jamie Dimon is in no position to criticize [crypto like] Bitcoin with this track record.” 

He further said that global banks have incurred $380 billion in fines this century.

JPMorgan’s Track Record: A History of Controversial Fines

Several major controversies have fueled these massive fines.

In September 2023, JPMorgan agreed to pay $75 million to settle a lawsuit brought by the US Virgin Islands alleging that between 2002 and 2005, the bank facilitated cash transactions and provided other financial services that enabled Jeffrey Epstein’s sex trafficking operation.

The settlement agreement states that JPMorgan did not admit guilt or liability for the allegations. Legal experts note that settlements, which avoid prolonged litigation, do not necessarily indicate an admission of wrongdoing.

Where was Jamie Dimon’s crypto logic, then?

In October 2013, JPMorgan paid $13 billion to settle allegations that they misled investors about risky mortgage securities. This was the largest fine ever in the bank’s history. 

Where was Jamie Dimon’s crypto logic, then?

Between 2008 and 2016, JPMorgan traders were found to have manipulated precious metals markets. The bank agreed to pay $1 billion in fines to settle the case in 2020. 

JPMorgan’s fines for multiple violations. Source: Good Jobs First

Additionally, in July 2019, over 20 tons of cocaine (valued at $1.3 billion) was seized from a ship owned by the JPMorgan fund.

Where was Jamie Dimon’s crypto logic, then?

Are Jamie Dimon’s Crypto Statements Even Aligning with Crypto Activity?

Despite calling for a government ban on cryptocurrencies at the hearing, JPMorgan has developed some blockchain and crypto-related products.

Dimon stated: “If I were the government, I’d close it [crypto] down” to Senator Elizabeth Warren. 

However, in apparent contradiction, JPMorgan launched JPM Coin in 2019 — a digital token created for institutional clients on a private Ethereum blockchain. 

JPMorgan also rolled out a tokenization platform in October, supported by client BlackRock, and contributed funding to Ethereum infrastructure company Consensys in April 2021, showing some embrace of crypto and blockchain technology.

Jamie Dimon’s crypto irks expand when it comes to decentralized cryptocurrencies like Bitcoin, which he compares to Ponzi schemes. His stance suggests he was making this distinction again at the recent hearing.

Dimon’s crypto ban call has prompted some experts to argue that the decentralized design of cryptocurrencies like Bitcoin would make an effective government ban impractical.

Additionally, some social media forum moderators labeled Dimon’s comments about illicit crypto activity as misleading, with posted fact checks stating that less than 1% of cryptocurrency transactions are tied to illegal purposes.

The post Jamie Dimon Crypto Comments Are Horrifically Hypocrite appeared first on CoinChapter.

According to the latest news, the Ethereum spot ETFs, following the historic approval of Bitcoin ETFs, could be approved by May of this year. However, at the moment there is nothing certain. 

On the contrary, the banking giant JPMorgan, and not only, has recently expressed some caution regarding this imminent approval. Let’s see all the details below.

JPMorgan expresses caution regarding the approval of Ethereum ETFs by May

As anticipated, the Securities and Exchange Commission has set May as the first deadline for the approval of Ethereum-linked exchange traded funds (ETFs), but JPMorgan remains cautious. 

According to Nikolaos Panigirtzoglou of JPMorgan, in order for the SEC to approve spot Ethereum ETFs by May, it should consider Ethereum as a commodity, similar to Bitcoin, rather than a security.

Panigirtzoglou has indeed added:

“This perspective is anything but certain, and I would give less than 50% probability that the SEC will classify Ethereum as a commodity by May.”

Therefore, despite the recent approval of Bitcoin spot ETFs by the SEC after over a decade of rejections, JPMorgan remains cautious about Ethereum ETFs.

The remarkable increase in the price of ETH, almost 20%, compared to Bitcoin’s 2.5%, in the last week has led traders to bet on the imminent approval of spot ETFs on Ethereum.

However, Panigirtzoglou argues that the SEC has not changed its stance on classifying cryptocurrencies other than Bitcoin as securities.

The Chairman of the SEC, Gary Gensler, stated last year that tokens based on staking protocols, such as Ethereum’s ETH token, could be considered securities under US laws.

During a nearly five-hour session with lawmakers last year, Gensler neither confirmed nor denied whether Ethereum was considered a security.

In addition, it recently emphasized that the approval of spot Bitcoin ETFs should not be interpreted as an indication of the Commission’s willingness to approve listing standards for cryptocurrency securities.

IntoTheBlock analysis: traders optimistic about the upcoming Spot ETF

The famous analysis company IntoTheBlock claims that traders are already operating under the belief that Ethereum (ETH) will be the next cryptocurrency asset to obtain an exchange-traded fund (ETF) in the spot market.

In a new analysis, Lucas Outumuro from IntoTheBlock states that Ethereum has significantly outperformed Bitcoin in recent days following the “false” approval of spot-based BTC ETFs.

As we know, on Tuesday a malicious individual compromised the SEC’s X account in the United States and spread a false post claiming that the regulator had approved a Bitcoin ETF on the spot market.

According to the company’s research manager, the rapid rise of Ethereum is a signal that traders are already anticipating the approval of Ethereum ETF requests in the spot market: 

“Ether has outperformed Bitcoin by over 10% since the false initial approval of the spot ETF was spread on Tuesday. With Blackrock and many other entities awaiting approval for spot ETFs on Ethereum, the market seems to assign high probabilities of approval.”

Some statements regarding Ethereum ETFs

Regarding the above mentioned, we see that Outumuro also believes that the approval of spot Bitcoin ETFs paves the way for a spot Ethereum ETF.

“The approval of the SEC further increases the chances of the ETH ETF, stating that “fraud or manipulation that affects prices in the Bitcoin spot markets would likely have a similar impact on Bitcoin CME futures prices.”

Since Ethereum already has a futures ETF, it seems that the SEC may follow the same logic in approving a spot ETF on Ethereum, as both are subject to the same type of potential manipulation.”

Outumuro notes that traders are also accumulating cryptographic assets to support the ETH ecosystem: 

“Furthermore, the market has favored investments related to ETH with higher beta, with layer-2 tokens and liquid staking protocols that have recorded gains of over 10% this week, and with additional catalysts fueling them.”

The executive of IntoTheBlock concludes his analysis by stating that traders see the potential approval of ETH ETFs as the next major catalyst for Ethereum: 

“Market speculators have already shifted their attention to ETH in anticipation that spot ETFs will generate a similar effect on the second largest cryptocurrency asset.”

According to CoinDesk, in a recent research report, JPMorgan challenged the notion that investors are shifting their assets from gold to bitcoin (BTC) this year.

The report, spearheaded by Nikolaos Panigirtzoglou and his team, illustrates that both institutional investors and private individuals have concurrently amplified their stakes in gold and Bitcoin throughout the current year rather than transitioning their investments from one to the other.

This clarification comes in the wake of observations noting outflows from gold-based exchange-traded funds (ETFs) coinciding with a notable increase in inflows into Bitcoin ETFs, sparking speculation about a potential shift in investor preference from the traditional safe-haven asset to the digital currency.

The most likely explanation for the weakness in gold stocks is that investors are selling them to buy #BitcoinETFs instead. That means #Bitcoin has basically become a bet against #gold. So when gold inevitably breaks out, the money to buy gold stocks will come from Bitcoin ETFs.

— Peter Schiff (@PeterSchiff) February 28, 2024

Contrary to this speculation, the JPMorgan report asserts a simultaneous endorsement of both assets by investors.

The analysis points out a particular interest from speculative institutional investors, including hedge funds and momentum traders such as Commodity Trading Advisors (CTAs), whom it claims have been instrumental in propelling the rallies in both gold and Bitcoin futures starting inFebruary. Specifically, the analysis notes a sharp increase in investment, with Bitcoin futures witnessing a $7 billion position build-up and gold futures seeing a $30 billion increase.

However, the report cautions about the high risk of mean reversion for both assets. Mean reversion, a financial theory suggesting that asset prices and returns eventually move back towards their historical average, indicates that both gold and Bitcoin could potentially see a decrease in their values to align closer with their long-term averages. This cautionary stance is underscored by the current enthusiasm around these investments, which could lead to heightened volatility and correction phases if market sentiments shift.

The report also mentions the significant role played by MicroStrategy, a software development firm known for its aggressive Bitcoin acquisition strategy. The company has reportedly purchased over $1 billion worth of Bitcoin in 2023, adding to its substantial acquisitions from the last quarter of 2023. JPMorgan suggests that such large-scale, debt-funded purchases by MicroStrategy have not only amplified the rally in Bitcoin but also introduced additional leverage into the market. This, according to the bank, could potentially escalate the risk of a severe correction during a downturn, as the market might experience intensified deleveraging effects.

In the dynamic landscape of digital assets, Bitcoin stands as a formidable contender, but recent research from JPMorgan sheds light on the uphill battle it faces in matching gold’s dominance within investor portfolios. This analysis, delving into Bitcoin’s potential market cap, price projections, and the burgeoning Bitcoin exchange-traded fund (ETF) market, highlights the intricate challenges posed by the cryptocurrency’s inherent risk and volatility.&middot

For the full story, head over to TheCurrencyAnalytics.com.

Despite JPMorgan’s role in BlackRock’s SEC-approved Bitcoin ETF, its CEO, Jamie Dimon, remains resolute in his anti-crypto rhetoric and BTC skepticism.

Bitcoin (BTC) holds little utility outside of serving as a channel for hundreds of billions in illicit wealth from fraud, money laundering, tax avoidance, and sex trafficking, said JPMorgan Chase CEO Jamie Dimon.

Speaking with CNBC at the 2024 World Economic Forum in Davos, Dimon commented on the spot BTC ETFs approved by Gary Gensler’s Securities and Exchange Commission (SEC) on Jan. 10, noting that blockchain’s value exists in tokenization of real-world assets like real estate and not in cryptocurrencies like Bitcoin.

Blockchain is real and it’s a technology. We at JPMorgan use it. It’s going to move money, data, and it’s efficient. We’ve talked about it for 12 years now. Bitcoin on the other hand is the pet rock.

Jamie Dimon, JPMorgan CEO

Dimon, whose banking giant is an authorized participant in BlackRock’s iShares Bitcoin Trust ETF, added that he’s unclear on Larry Fink’s position concerning the nascent digital asset industry. JPMorgan’s boss did, however, share his personal view, noting that he wouldn’t advise anyone to get involved in Bitcoin.

You might also like: SEC approves spot Bitcoin ETF on accelerated basis

I don’t care so please just stop talking about this sh*t. I don’t know what Larry Fink would say about Blockchain versus crypto with utility or versus crypto like Bitcoin that does nothing.

Jamie Dimon, JPMorgan CEO

Dimon’s comments in Davos echo his congressional testimony weeks before spot BTC ETFs were accepted. During the hearing, the JPMorgan CEO said he would shut down Bitcoin if he were the United States government and attributed its sole use case to criminal operations.

However, Chainalysis reports have clarified that less than 1% of crypto transactions are tied to illegal activities.

"There are cryptocurrencies that do something, that might have value. And then there's one that does nothing, I call it pet rock. The #Bitcoin, or something like that," says @JPMorgan CEO Jamie Dimon. "It has some use cases. Everything else is people trading among themselves." pic.twitter.com/EnUBuIEHkI

— Squawk Box (@SquawkCNBC) January 17, 2024

Meanwhile, BlackRock’s CEO Larry Fink, whose firm works with JPM for its spot BTC fund, said the asset management giant sees value in another crypto-related product underpinned by the second-largest digital asset, Ethereum (ETH).

BlackRock’s BTC ETF has traded hundreds of millions of dollars since its Jan. 11 launch, along with other Bitcoin funds from issuers like ARK 21Shares, Bitwise, and VanEck, while Grayscale’s GBTC recorded consecutive days of outflows.

Read more: BlackRock’s Larry Fink points to value in Ethereum ETFs, crypto asset class

What are the odds the Securities and Exchange Commission will greenlight US spot Ethereum exchange-traded funds by May?

Not “higher than 50%,” investment banking giant JPMorgan wrote in a note on Thursday — much lower than predicted by market watchers and online bettors

Ethereum ETF deadline approaches

The investment bank’s assessment comes in advance of the SEC deadline to approve Ark Invest’s spot Ethereum ETF by May 23, and hinges on several factors.

On the approval side is the fact that the Grayscale Ethereum Trust discount against Ethereum has declined since last summer and remained at about 12% since early December, the researchers said.

A second reason is that future Ethereum ETFs were approved in September, which “by itself implies that Ethereum is deemed to be a commodity,” analysts wrote.

A third reason to be bullish is the notion that the SEC may soon categorise Ethereum as a commodity, JPMorgan wrote.

That view has been bolstered by the SEC not citing Ethereum in its lawsuits against crypto exchanges Binance and Coinbase, the analysts wrote.

Analysts at UK-based bank Standard Chartered made a similar point in a research report earlier in January.

Still, the authors behind the JPMorgan report were “sceptical that the SEC will classify Ethereum as a commodity as soon as May.”

The report said: “If anything, with Ethereum having transitioned from proof-of-work to proof-of-stake and the negative impact this transition had on Ethereum decentralisation, Ethereum looks more similar to other cryptocurrencies outside Bitcoin, which are deemed securities by the SEC.”

The SEC’s string of lawsuits against the likes of Coinbase for its Ethereum staking services “make a spot Ethereum ETF approval more challenging, at least until these lawsuits are resolved,” the analysts wrote.

JPMorgan’s 50% odds of a spot Ethereum ETF approval are significantly lower than the 70% chance Bloomberg Intelligence analyst and crypto’s go-to ETF pundit Eric Balchunas recently offered.

Online bettors had placed similar odds of an approval by May 31 on prediction market Polymarket earlier in January, though they have dropped from 82% on January 10 to 56% today.

Crypto market movers

Bitcoin is up 0.2% to below $41,300 since Wednesday.

Ethereum is up 0.7% to $2,490.

What we’re reading

Texas cold snap threatens 15% of global Bitcoin mining activity — DL News

Bitcoin ETFs Surpass Silver ETFs In Assets Under Management — Milk Road

Donald Trump Promises to Never Allow CBDCs if Elected President — Unchained

EU’s new money laundering deal poised to burden crypto more than traditional finance — DL News

Tether takes fire as UN says stablecoin is ‘preferred choice’ for $17b in Asian crime rackets — DL News

Sebastian Sinclair is a markets correspondent for DL News. Have a tip? Contact Seb at sebastian@dlnews.com.

With the Bitcoin halving event looming on the horizon, industry experts and investors alike are closely monitoring developments and preparing for potential market shifts. Amidst this anticipation, a recent warning from JPMorgan has cast a shadow of uncertainty over the cryptocurrency’s future trajectory. According to the renowned financial institution, the post-halving landscape may see a decline in miners’ profitability, potentially triggering price corrections and increased volatility in the Bitcoin market.&middot

For the full story, head over to TheCurrencyAnalytics.com.

In a recent interview with CNBC, JPMorgan CEO Jamie Dimon shared his perspectives on Bitcoin and the broader cryptocurrency landscape, providing insights into the growing institutional interest in digital assets. While cautioning investors about Bitcoin, Dimon emphasized the real-world potential of blockchain technology.

Dimon acknowledged the significance of blockchain, describing it as a genuine technological advancement that the financial giant actively employs.&middot

For the full story, head over to TheCurrencyAnalytics.com.

US banking JPMorgan has maintained a cautious stance on cryptocurrencies, according to its latest report that was published on Apr. 23. 

According to JPMorgan, the cryptocurrency market is currently suffering from the lack of bullish catalysts after ETF inflows dried up. 

At the same time, the bank's analysts cited elevated positioning, underwhelming venture capital (VC) funding, and the current production costs as the main bearish catalysts contributing to the ongoing selling pressure. 

Last month, JPMorgan predicted that the Bitcoin halving was priced in, pouring cold water on some bullish predictions. 

card

Back in February, it said that the price of the largest cryptocurrency could crash to as low as $42,000 after the halving event. The bank also predicted that the production cost of a single coin could roughly double. Around that time, Bitcoin bull Mike Novogratz also warned that the Bitcoin market was getting frothy. 

The price of Bitcoin surged to its current all-time high of $73,737 in March and went on to log eight consecutive green monthly candles. However, it experienced a dramatic correction in April and then kept plunging in May due to disastrous ETF outflows and macroeconomic concerns. The flagship cryptocurrency is currently trading at $59,110.

Meanwhile, JPMorgan CEO Jamie Dimon recently doubled down on his long-standing criticism of Bitcoin, calling the largest cryptocurrency "a fraud" and a "Ponzi scheme." He also predicted that the flagship cryptocurrency would not go anywhere as a currency. At the same time, he still sees some value in blockchain technology.