JPMorgan Has Its Own Crypto and It’s Starting Real-World Trials
While its CEO, Jamie Dimon, is notorious for his critical comments on bitcoin, investment bank JPMorgan is preparing for a future where blockchain is a key part of financial infrastructure with its own cryptocurrency.
Called JPM Coin, the token has been developed by engineers at the bank, according to a report from CNBC on Thursday, and is moving to real-world trials in “a few months”
For the effort, JPM Coin will be used to settle a small portion of its transactions between clients of its wholesale payments business in real time, CNBC says. The bank moves over $6 trillion daily as part of that business, it adds. Source: Coindesk
Dow Falls 175 Points on Awful Retail Sales Data While Bitcoin Price Continues Slow Bleed
A historically-abysmal decline in consumer spending crushed the US stock market on Thursday, causing the Dow to open to triple-digit losses just hours after it looked like the index would continue its mid-week rally. The bitcoin price, meanwhile, continued its slow bleed down toward interim support at $3,550 and could very well be on the verge of another large sell-off.
As of 9:37 am ET, the Dow Jones Industrial Average had dropped 176.86 points or 0.69 percent. The bearish trend rippled throughout the wider stock market as well, pushing the S&P 500 down by 0.55 percent and the Nasdaq down by 0.34 percent. Source: CCN
Enterprise Ethereum Alliance Opens Regional Office in China
The Enterprise Ethereum Alliance (EEA) is opening a regional office in China, according to a press release shared with Cointelegraph on Feb. 14.
According to the press release, Weijia Zhang, vice president of engineering at blockchain interoperability startup Wanchain, has been appointed as the head for the new regional office. Zhang will reportedly be responsible “for supporting the advancement and adoption of EEA’s standards by taking part in local hackathons, workshops, training sessions, and conferences.” Source: Cointelegraph
BITCOIN PRICE ANALYSIS: BULLS AND BEARS STARTING TO FEEL THE PINCH
Bitcoin price ran up to $3700 but that moved has been capped for almost a week, with price meandering in a tight range with failed breakouts to both the up and downside much to the frustration of the bears and the bulls. This now looks as though it could be coming to a conclusion. Source: Bitcoinist.com