What Happened in Crypto Today: Does JPMorgan Have a Love-Hate Relationship With Crypto?
Crypto News

What Happened in Crypto Today: Does JPMorgan Have a Love-Hate Relationship With Crypto?

4ในการอ่าน
2 months ago

From billions in shorts getting squeezed this quarter to Hong Konh cracking down on alleged scams, here is a 2-minute breakdown of everything important that happened in crypto today.

What Happened in Crypto Today: Does JPMorgan Have a Love-Hate Relationship With Crypto?

สารบัญ

Just two months ago, crypto sentiment was down in the Marianas Trench. The Fear and Greed Index fell into the lowest zone of Fear (~31.8) territory as prices nosedived.  But fast forward to now, it's done a complete 180. We've gone from crypto winter to spring break in record time.

The Index currently sits in 'Extreme Greed' land as investors are FOMOing into crypto due to the ETF approval expectations and upcoming Bitcoin halving event.

In today’s edition, we'll download you on the key stories moving the crypto markets:

Now let's dive into the details of each of those stories!

Bitcoin’s “Not” Dead

BTC just pulled a Lazarus in Q3, rising from $25k to almost $44k. Turns out those "Bitcoin is dead" memes were a tad premature.

This renewed momentum has caught many short sellers off guard. Stocks like Coinbase and MicroStrategy moved in sync, leaving short sellers holding some heavy bags.

By some estimates, short sellers targeting crypto equities have taken losses exceeding $2.6 billion over the last quarter alone. Indications are the pain train has kept rolling this week, with an estimated $387 million in losses realized in just 24 hours.

If this keeps up, struggling shorts may have to cover positions, triggering the mother of all short squeezes. A potential short squeeze could bring even more pain if bearish traders are forced to cover losing positions.

But which crypto stock caused the most damage to shorts? Read more!

Jamie Dimon at It Again

Feels like whenever Jamie Dimon and Peter Schiff drop the “Bitcoin is a bubble” bomb, Bitcoin goes bullish (we discussed the relationship among this narrative, the Bitcoin halvings, and crypto bull runs in detail in our Bitcoin halving history article)
And this time, during a recent Senate hearing, JP Morgan CEO Jamie Dimon claimed the main use case for digital assets is criminal activity.

Dimon said he would "close down" crypto if he were government. He highlighted the speed and anonymity of digital assets, stating funds can move instantly.

Earlier this year he called Bitcoin a "hyped up fraud." He's predicted that when the 21 millionth BTC is mined, Satoshi will reveal it was all one big prank.

But Jamie can't seem to make up his mind. Despite trash-talking crypto, JP Morgan is cozying up to blockchain tech. They recently teamed up with Avalanche on an asset management pilot project.

Some X users are calling his statements a FUD.

So why hate crypto when your company is leveraging the tech to grab more clients? Read the full story!

And that brings us to our Word of the Day…

It’s ‘FUD’!

So what is FUD?

FUD stands for "Fear, Uncertainty, and Doubt." It refers to negative rumors or information spread about cryptocurrencies or blockchain projects that cause investors to question the viability or stability of those assets. This can lead to panic selling and abrupt price declines.

But what exact topics are used to spread FUD in crypto? And how can you detect them? Read more!

US Blockchain Bill 🏛️

In a big win for crypto legislation, the House Energy and Commerce Committee unanimously approved a bill supporting blockchain technology deployment.

The Deploying American Blockchains Act would direct the Commerce Department to promote blockchain competitiveness. This marks progress for crypto-friendly policies in Congress.

While not as high-profile as other anticipated crypto bills, the 46-0 committee vote signals a growing bipartisan embrace of the technology. Several crypto bills have now cleared House committees, though none have reached full passage yet.

This unanimous vote could signal a crypto policy breakthrough is near.

First presidential candidates attending the crypto conference and now this - is the U.S. finally warming up to crypto? Read the full story!

Hong Kong Crack Down

Hong Kong's financial regulator has come out swinging at suspected crypto scammers. They blocked access to BitCuped and HongKongDAO over suspected fraud. The Securities and Futures Commission warned both entities may be deceiving users into making bogus investments.

According to officials, HongKongDAO is spreading fake news about their business. BitCuped claims two Hong Kong Stock Exchange execs - Laura Cha and Nicolas Aguzin - are their top execs. Small problem: they are not!

Regulators warn misleading information could dupe people into thinking these services are legit and licensed. This could cause FOMO and encourage investment in tokens like HKD.

Are other HK exchanges in danger? Read the full story!

Canadian Exchanges Hit 1B

Canada is welcoming crypto with open arms. Leading exchanges Bitbuy and Coinsquare just passed CAD 1 billion ($736 million) in assets under management.

Parent firm WonderFi dropped the news, showing mega growth from $512 million last quarter.

In November, the platforms saw a 16% spike in monthly users and a 54% surge in trading volume.

Bitbuy and Coinsquare got regulatory blessings over the past couple of years, becoming fully licensed entities. They merged with DeFi startup WonderFi this summer, combining 1.6 million Canadian users.

But recently, Canada mandated delisting popular stablecoins as they were unlicensed… maybe to boost the Digital Canadian Dollar? Read the full story!

That wraps up the latest top stories in crypto. We'll be back tomorrow with more headlines shaping the crypto ecosystem.

0 people liked this article