According to e-financials, the world's largest investment banking firm JP Morgan & Chase has moved to establish a crypto innovation center in Athens to promote innovation in blockchain, AI, and cryptography.

On February 21, Tryone Lobban, head of JP Morgan's DeFi platform Onyx, stated that the financial powerhouse has established an innovation center in Athens, initially concentrating on developing payment capabilities to support Onyx.

The crypto lab will provide worldwide payment companies research and development (R&D) services on blockchain, artificial intelligence, and cryptography.

Employees from JP Morgan's asset and wealth management departments have allegedly relocated to the new office in Athens.

Four engineering roles, including two full-stack engineers, one mobile app engineer, and a technical manager, are also open at the crypto lab.

The performer blockchain-based digital identity mobile applications and wallet prototypes are what the mobile app engineer will be working on. According to Lobann, digital identification might open up new web2 and web3 interactions and services.

#crypto2023 #JPMorgan #DeFi #blockchain

Michael Burry, who gained notoriety for shorting the mortgage bond market in 2007, is indicating that the market may be nearing a bottom at the moment. This follows his prior claim that the current situation is comparable to the banking crises of 2003 and 2008. Burry made a comparison between the current situation and the 'stupid' risks that led to the demise of the #SVB and #SignatureBank .

The trader cited the instance of #JPMorgan making a financial commitment during the Knickerbocker Crisis in 1907 as an illustration. The US regulators stepped in to preserve consumer savings in the wake of #SiliconValley Bank's failure. Therefore he made a subliminal allusion to the possibility that the markets would bottom as a result of this intervention, similar to the JP Morgan move. Given the current behavior, does this imply that the price of Bitcoin will continue to rise?

“In October 1907, Knickerbocker Trust failed due to risky bets, sparking a panic. Two others soon failed, and it spread. When a run began on a healthy Trust, J.P. Morgan made a stand. 3 weeks later the Panic resolved & markets bottomed. A stand was made this past weekend.”

Yet this runs directly counter to his most recent assertion that the financial issue may be resolved rapidly. He said that there was no real threat present.

In an effort to locate purchasers for Silicon Valley Bank, the Federal Deposit Insurance Corp. (FDIC) is now seeking to conduct an auction procedure. Once Bitcoin crossed the $26,000 barrier on Tuesday, the #cryptocurrency market began to exhibit an adverse association with the American financial industry. Hence, if a market crash occurs, will Bitcoin surpass $30,000 in the upcoming weeks?

A chance for Europe to profit from the crisis arises as #crypto companies in the US look for alternatives to #Silvergate and #SignatureBank .

In terms of crypto innovation, Europe has at times found it difficult to stay up with the United States. It has seemed that the U.S. has been the core of cryptocurrency from its birth, whether that be through stablecoins, trade volumes, or adoption.

However, the longer it takes for U.S. banks to declare that they are open for crypto business—that is, willing to accept some of the millions of dollars that were once parked at Silvergate—the more likely it is that crypto firms will choose a location like Europe, where regulations are more transparent and fiat payment rails are simpler.

The Markets in Crypto-Assets Act (MiCA), which provides legal clarity in Europe, stands in stark contrast to the murky regulatory landscape in the United States, where businesses appear to encounter new regulatory challenges every day. Any crypto organization's operations are put in an atmosphere that is getting more difficult as a result. This will be an important factor to take into account for both new and existing market participants.

Additionally, it appears that American politicians are making every effort to stifle dollar on-ramps into cryptocurrencies, leaving the door wide open for other countries to surpass the U.S. in terms of competitiveness.

The good news for investors is that the crypto business has become less dependent on fiat currency over the past few years when it comes to trading. Following the Silvergate issues last week, the percentage of market share of all volume on centralized exchanges for #Stablecoins has actually just risen to an all-time high as investors continue to favor stablecoins over conventional currency. Stablecoins now account for the great bulk of exchange volume, up from 79% to over 90% in only the last year.

Because there is less reliance on money, crypto investors are less negatively impacted by the U.S. banking shutdown. Stablecoins are becoming more and more popular among cryptocurrency investors as a medium of exchange, but not with the companies who run the trading platforms. These institutions will be the ones to suffer the most from a dollar (USD) shutdown first.

Without access to a U.S. bank, organizations like exchanges will need to modify the services they provide. Consider trading hours: If an exchange does not have access to USD payment networks that are available around-the-clock, it is very possible that it will only be able to serve consumers during U.S. trading hours. In this case, the opportunity cost of foregone trading tactics outside of trading hours might also hurt investment funds with U.S.-based investors.

Profits In Euros

Yet, Euro volumes demonstrate that what hurts one region, helps another. Early signs point to the euro perhaps benefiting greatly from a U.S. crypto banking ban, with volumes for the BTC-EUR pair surging as the Silvergate issues continued. The market share of the bitcoin-euro pair in relation to the US dollar reached a record high last week, jumping to 21% of BTC volumes from 7% in November.

Will a U.S. bank raise its hand to accept cryptocurrency deposits at this point? The trend of increasing euro volumes may continue if the response is no, at least not for a time.

The big question in the US is whether a bank will raise its hand. Given the consolidation of larger banks that we are currently witnessing in the banking industry, the bigger banks currently have no need to accept crypto deposits.

Smaller banks are those who need to draw in a new influx of deposits since they are struggling to compete in a market that is becoming more and more oligopolistic with companies like #JPMorgan Chase. In a perfect scenario, multiple smaller banks would accept cryptocurrency, distributing the risk more fairly across a few different institutions rather than having all cryptocurrency deposits concentrated in just a few, as it was in the past.

It might be some time before the next group of banks opens its doors to cryptocurrency since the smaller banks will view Silvergate and Signature as a glaring illustration of institutions who were unable to diversify their deposits to the extent that would have provided some protection against a bank run.

This creates a window of opportunity for Europe and the euro to establish themselves in a sector where they have recently lagged behind.

JPMorgan Chase, a leading U.S. financial company, recently disclosed investments in various Bitcoin exchange-traded funds (ETFs) such as Grayscale, ProShares, Bitwise, BlackRock, and Fidelity. In a filing with the SEC on May 10, the company revealed holdings of around $760,000 in ProShares Bitcoin Strategy ETF (BITO), BlackRock's iShares Bitcoin Trust (IBIT), Fidelity’s Wise Origin Bitcoin Fund (FBTC), Grayscale Bitcoin Trust (GBTC), and the Bitwise Bitcoin ETF. Additionally, JPMorgan Chase reported ownership of 25,021 shares valued at approximately $47,000 in Bitcoin Depot, a crypto ATM provider. This disclosure coincided with similar reports from Wells Fargo and Susquehanna International Group. The SEC cautioned that the information provided by JPMorgan Chase may not be entirely accurate. The approval of spot Bitcoin ETFs in January has paved the way for potential decisions on spot Ether ETFs by May 23. Experts anticipate a ruling on an application from VanEck, a prominent asset manager. Read more AI-generated news on: https://app.chaingpt.org/news

Banks' surprising Bitcoin investments signal shifting views, backed by US House's crypto-friendly bill.

U.S. banking behemoth JPMorgan (JPM) now handles $1 billion worth of transactions in its digital token JPM Coin per day, Bloomberg reported on Thursday.

The wall street bank has plans to widen the coin's usage, according to the report, citing an interview with the bank’s head of payments Takis Georgakopoulos.

JPM Coin is a settlement token that enables JPMorgan's institutional clients to make blockchain-based wholesale payments between accounts around the world.

From its inception in 2019, JPM Coin has been used to make payments denominated in dollars, with support for euros added in June.

“JPM Coin gets transacted on a daily basis mostly in U.S. dollars, but we again intend to continue to expand that,” Georgakopoulos said.

JPMorgan did not immediately respond to CoinDesk's request for further comment.

Read More: JPMorgan Debuts Tokenized BlackRock Shares as Collateral with Barclays

In the ever-evolving landscape of cryptocurrency, the recent comments from JPMorgan Chase CEO Jamie Dimon have sparked discussions about Bitcoin’s legitimacy. Dimon, a long-time sceptic, [...]

This article originally appeared in First Mover, CoinDesk’s daily newsletter, putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

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Bitcoin (BTC) rose for a fifth day, surpassing the $47,000 mark early Friday as the CoinDesk 20 Index (CD20), a gauge of the biggest cryptocurrencies, added 4%. The largest crypto by market cap reached a one-month high as East Asia ushered in its biggest festival of the year, the Chinese new year of the dragon, celebrating the start of what’s believed to be one of the luckiest periods according to the Chinese Zodiac. In Mandarin Chinese, the word for dragon is pronounced similarly to “long,” boosting memetic value among crypto traders. Some analysts predict the cryptocurrency will rise to $50,000 over the weekend. Others have said it might even reach $53,000-$55,000 before the cryptocurrency’s halving in April.

Cryptocurrency-related publicly traded companies showed healthy gains in pre-market trading on Friday as bitcoin extended its rally. Bitcoin miner CleanSpark (CLSK) led the way, climbing almost 20% as of 10:15 UTC. The company reported fiscal first-quarter profit of $25.9 million on Thursday compared with a $29 million loss the year before. Riot Platforms (RIOT) and Marathon Digital Holdings (MARA) also rallied, adding 7% and 8% respectively. Mining stocks are a recommended entry point for bitcoin exposure ahead of the forthcoming halving, in which the reward miners earn for new coins is cut by 50%, broker Bernstein said. The firm picked CLSK and RIOT as its preferred stocks in a research report on Thursday.

Banking giant JPMorgan's survey found that 78% of institutional traders aren't planning to trade cryptocurrencies in the next five years, and just a small group sees blockchain/distributed ledger technology (DLT) as the most influential technology in shaping the future of trading over the next three years. The bank interviewed over 4,000 institutional traders for its 2024 e-Trading annual survey, which covers upcoming trends and hot topics in the trading sector. The participants seemed less enthusiastic about blockchain technology in 2024 than in the previous two years.

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Customers at a branch of JPMorgan Chase are complaining that their deposits are missing, however, the bank says it has no idea where their money has gone.

Customers at a JPMorgan Chase branch say deposits aren’t showing up in their accounts, and the bank has been reluctant to address the issue.

Carla Garling, a small business owner, says that despite having a deposit slip, her local Chase branch hasn’t confirmed a $13,478 deposit to her account, reports KFOR Oklahoma News 4.

Since Chase won’t get back to her, Garling is now facing financial burdens, including the need to pay her employees, without the much-needed money.

“I’m trying to be patient, I’m trying to be kind about it. But I’ve got bills to pay that are going to come out of automatic draft out of my business account…

For a small business like mine, it can become detrimental very quickly.”

See Also: JPMorgan Chase Pays $18M Fine For Stopping Customers From Reporting Bank’s Illegal Activity

Employees at Chase reportedly told Garling that they didn’t know when or if she would receive her money.

After being contacted by Oklahoma News 4, Chase reportedly appeared to become more motivated to help out Garling.

The small business owner said that hours after being probed by the media outlet, Chase told her that they promised to credit her account with the missing deposit. 

Another person who experienced similar issues with the same Chase branch was reimbursed for his troubles.

Chase has been the subject of multiple reports alleging that the bank shut down accounts without clear reasoning or explanation.

See Also: JPMorgan CEO Announces That Bitcoin’s Only Value Is Facilitating Crimes

Last summer, Republican attorneys general in 19 states accused JPMorgan of routinely discriminating against its own clients and closing bank accounts without warning based on religious and political biases.

#Binance #WRITE2EARN

The post JPMorgan Chase Customers’ Deposits Go Missing, Bank Says It Has No Idea Where Money Went appeared first on BitcoinWorld.

The post JP Morgan Says Spot Ethereum ETFs Approval Is Next – With 50% Chances   appeared first on Coinpedia Fintech News

With the recent approval of Spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC), attention in the crypto space turns to the potential approval of Spot Ethereum ETFs. However, JP Morgan analysts, in a note to clients, have expressed skepticism about the likelihood of approval for Ethereum Spot ETFs.

ETH Facing Regulatory Challenges

JP Morgan analysts, led by Nikolaos Panigirtzoglou, are not so optimistic about the SEC approving Ethereum ETFs. The analysts attributed their cautious stance to regulatory and judicial considerations, estimating the likelihood of approval to be no higher than 50%.

“While we understand the arguments, we doubt the SEC will classify ether as a commodity by May,” said JP Morgan analysts.

Meanwhile, the SEC recently delayed the decision on Fidelity’s Ethereum Spot ETF, extending the deadline to March 5, 2024, for further evaluation. Moreover, the SEC’s final decision on Spot Ethereum ETF applications is now anticipated between late January and August 2024.

Perhaps, the approval of Ethereum futures ETFs in January 2024, completely acknowledging Ethereum as a commodity, brings a glimmer of hope. However, JP Morgan analysts emphasized that the SEC’s classification of Ethereum—whether as a commodity or a security—will play a pivotal role in determining the fate of Spot Ethereum ETFs.

Grayscale’s Impact on SEC Decision

A key date that could provide more clarity on the possible introduction of these ETFs is January 25—the deadline for Grayscale’s Ethereum Spot ETF application

Earlier, grayscale, which successfully challenged the SEC in the past for rejecting its Bitcoin ETF, is now seeking approval for an Ethereum Spot ETF. Meanwhile, the SEC’s response to Grayscale’s previous success will likely influence its decision on 

A Balancing Act

While the SEC’s recent approval of Spot Bitcoin ETFs may signal a positive shift, Chairman Gary Gensler’s public declaration that the agency neither approves nor endorses Bitcoin adds a layer of caution. 

As, the crypto community awaits regulatory clarity while balancing scrutiny and hopes for more accessible investment options.

In a paradigm-shifting report released recently, J.P. Morgan, one of the financial industry’s titans, has presented a nuanced perspective on the trajectory of Bitcoin spot exchange-traded funds (ETFs). Contrary to the bullish fervor surrounding these investment vehicles, the analysis posits a pragmatic market size of $62 billion over the next two to three years.&middot

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

A significant bitcoin “mega whale” moved 3,000 vintage bitcoins from 2010 as BTC peaked at $69,210. JPMorgan predicted a post-halving drop in bitcoin’s price to $42,000, citing current euphoria levels. Meanwhile, bitcoin cash experienced a 40% surge in anticipation of its halving event and a major 2024 upgrade. Additionally, rumors circulated about a Qatari billionaire’s […] Source: Bitcoin.com

The post Bitcoin Mega Whale Resurfaces, JPMorgan Expects BTC Price to Drop, Bitcoin Cash Soars 40%, and More — Week in Review appeared first on Crypto Breaking News.

According to Foresight News, JPMorgan has stated that the likelihood of an Ethereum ETF being approved in May is still less than 50%. CoinDesk reported this prediction, indicating a cautious outlook for the potential approval of this cryptocurrency-based exchange-traded fund. The bank's forecast suggests that regulatory hurdles may continue to pose challenges for the acceptance of such financial products in the market. This news comes amidst a growing interest in cryptocurrencies and their potential integration into mainstream financial systems. However, the less than optimistic prediction by JPMorgan underscores the ongoing regulatory uncertainties surrounding the cryptocurrency market.

The potential approval of a spot Bitcoin exchange-traded fund (ETF) in the United States has sparked discussions about its impact on the cryptocurrency market. According to a report by JPMorgan managing director Nikolaos Panigirtzoglou, while the overall effect on crypto markets may not be significant, a Bitcoin ETF approval could bring certain benefits to Bitcoin itself. This perspective differs from the high expectations surrounding a Bitcoin ETF in the United States, but it sheds light on potential outcomes based on experiences from other jurisdictions.

Bitcoin ETFs and Investor Interest:

The report highlights that Bitcoin ETFs have attracted little investor interest in other jurisdictions over the past two years. Despite their availability in Canada and Europe, these ETFs have not witnessed substantial inflows from investors shifting away from gold ETFs. However, the JPMorgan report suggests that the United States could present a different scenario if a Bitcoin ETF is approved. It notes that the impact might resemble what has been observed in Canada and Europe, where Bitcoin ETFs have been available for some time. #ETF #ETFs

Potential Benefits of a Bitcoin ETF Approval:

Panigirtzoglou believes that the approval of a Bitcoin ETF in the United States could lead to increased liquidity in Bitcoin markets. This increased liquidity can potentially attract more institutional investors and facilitate easier trading in the cryptocurrency. Additionally, the report suggests that there might be a shift in trading activity from Bitcoin futures products towards the ETF. This could bring more stability and mainstream recognition to Bitcoin as an investment asset.

Differing Perspectives:

While the JPMorgan report highlights potential benefits of a Bitcoin ETF approval, it is worth noting that the expectations surrounding this development are not universally shared. BlackRock's CEO, Larry Fink, recently expressed optimism about investors turning to Bitcoin as a hedge against inflation and fiat currency devaluation.

Fink emphasized that Bitcoin is an international asset and an alternative investment. However, it is important to consider that the Securities and Exchange Commission (SEC) has previously denied several applications for Bitcoin ETFs. Various companies, including Invesco, Fidelity, WisdomTree, and ARK Invest, have submitted applications or refilings with the SEC. #SEC #JPMorgan #ARKInvest