JP Morgan: Bitcoin’s ‘Biggest Enemy’ – Suddenly Appears To Be Going All In On BTC | $10K Bull Trap?

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BITCOIN NEWS TODAY: Earlier this month, JP Morgan signed Coinbase and rival BTC and crypto exchange Gemini after a lengthy vetting period, it was first reported by the Wall Street Journal.

JP Morgan approved the two Bitcoin exchanges’ accounts last month and is already processing transactions—potentially signalling the end of the crypto industry’s banking woes.

The bitcoin and cryptocurrency community has complained for years that banks including J.P. Morgan have denied them services and blocked accounts that dealt with crypto businesses.

Meanwhile, it has emerged Jamie Dimon has been hosting secret meetings with Coinbase chief executive Brian Armstrong since 2018, author Jeff Roberts revealed in his book, Kings of Crypto.

“Ironically, Brian Armstrong and Jamie Dimon of J.P. Morgan—who was the biggest enemy of bitcoin and has pissed on it for years—it turns out they were having secret meetings in 2018 at J.P. Morgan’s headquarters,” Roberts told Laura Shin’s Unchained podcast while promoting the book, which charts Coinbase’s rise to the top of the crypto industry.

However, J.P. Morgan’s interest in cryptocurrencies might not extend all the way to bitcoin quite yet.

“We are supportive of cryptocurrencies as long as they are properly controlled and regulated,” Umar Farooq, JP Morgan’s head of digital treasury services and blockchain, said back in 2017. J.P. Morgan launched its own answer to bitcoin last year, JPM Coin.

Unlike bitcoin, JPM Coin is pegged to the dollar and aimed at speeding up and reducing the costs of global payments.

Meanwhile, some have accused Coinbase’s Armstrong as being “skeptical” of bitcoin while working to promote other blockchain networks and cryptocurrencies such as ethereum.

“I’m sure he would deny it, but it’s interesting to me that the CEO of the world’s most prominent bitcoin-related company seems so skeptical of bitcoin,” said Bloomberg editor and analyst Joe Weisenthal, commenting on a Twitter thread by Armstrong suggesting it might not be bitcoin that pushes the cryptocurrency ecosystem into the mainstream.

Despite J.P. Morgan’s softening attitude toward bitcoin and crypto, the nascent technology is still fighting an uphill battle.

In other trending Bitcoin News:

$10,000 Bull Trap? Why Bitcoin Price Is Now Likely to Pull Back

Bitcoin price is up 25% for the month of May, but is a pullback now imminent?

Starting out on the monthly, we can see that Bitcoin grew in value by nearly 25% in the month of May.

This is always a nice thing to see. However, since the March 12 dump, it’s nothing for long term hodlers to get excited about just yet.  

Nevertheless, as the one month candle is due to open above the .382 fib retracement level, a move up towards the .618 of $13,700 is something to be excited about.

With that being said, let’s not get ahead of ourselves, we first need to claim $11,800, and one cannot ignore that a move to the downside is always a possibility for the king of cryptos also.  

As things stand, if June was to be bearish, a pullback to between $7,400 and $7,600 is where I’d be placing some buy orders, and that is what I’ll explain today.

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

https://www.forbes.com/sites/billybambrough/2020/05/30/jp-morgan-bitcoins-biggest-enemy-suddenly-appears-to-be-going-all-in-on-crypto

https://cointelegraph.com/news/10-000-bull-trap-why-bitcoin-price-is-now-likely-to-pull-back

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