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From nay to yay: JPMorgan’s path to crypto could shake up finance

Republished by Plato

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JPMorgan Chase’s constant love-hate relationship with cryptocurrency has been a fascinating one to observe over the years, especially since the digital asset sector started exploding at the start of 2021. To put things into perspective, between February and April, the total market capitalization of the space doubled from $1 trillion to $2 trillion.

As a result of this meteoric ascent, the individual market cap of premier cryptocurrencies such as Ether (ETH) and Bitcoin (BTC) has gone on to become higher than those of established multinationals, with Bitcoin surpassing Tesla, Tencent, Visa, Berkshire Hathaway, Alibaba, Facebook and Samsung, among others.

Back in 2017, JPMorgan CEO Jamie Dimon referred to BTC as a “fraud,” even going as far as saying that he would fire employees if they dealt with Bitcoin. However, fast-forward four years, and Dimon has dialed back on his “fraud” label.

Not only that, but more recently, he seems to have relaxed his anti-crypto stance, claiming that crypto is here to stay and that it is now only a matter of time before governments across the globe start to regulate their local digital asset markets with an iron fist. Yet he maintained during an event that took place in late 2020 that Bitcoin was still not his “cup of tea.”

The times they are a-changin’

Despite Dimon’s somewhat negative outlook toward Bitcoin and the crypto industry, recent reports suggest that JPMorgan is currently preparing to offer some of its clients an actively managed Bitcoin fund, potentially becoming one of the largest — and most unlikely — banking institutions to embrace crypto.

In fact, there are speculations that the fund could be rolled at as soon as this summer, with insiders claiming that fintech firm NYDIG will provide its custody services to the banking behemoth.

Additionally, it has also been reported that JPMorgan’s Bitcoin fund will be “actively managed,” which comes in stark contrast to the passive fare currently offered by many crypto players such as Pantera Capital and Galaxy Digital.

Cointelegraph reached out to Sam Tabar — chief strategy officer of Bit Digital, a Nasdaq-listed Bitcoin mining firm, and former head of capital strategy for the Asia-Pacific region at Bank of America Merrill Lynch — who stated:

“JPMorgan’s launching of its own Bitcoin fund is just an inevitable response to rising consumer demand for blockchain. JPMorgan is a business and will pursue whatever money-making endeavors it can. Despite controversial statements from CEO Jamie Dimon, the company has been working towards incorporating blockchain technology within its business model for years.”

In this regard, it bears mentioning that the company’s “Onyx” division launched a stablecoin, JPM Coin, in late 2020. Not only that, but the contrast between Dimon’s past remarks and JPMorgan’s current direction, in Tabar’s opinion, is an exemplary illustration of the process of institutionalization. He believes that there will always be pushback from traditional frameworks and leaders, making JPMorgan’s change of heart a clear win for blockchain innovation.

He added: “Much of Dimon’s statements stemmed from a failure to grasp certain use cases for cryptocurrencies, such as tokenization and smart contracts.” However, it is also true that information on BTC was more scarce at the time, according to Tabar.

What does JPMorgan’s potential entry mean for the market?

There is no denying that the popularity of the crypto market has risen in recent months, with investors now having access to the industry via a variety of traditional financial instruments, including exchange-traded funds, exchange-traded products and even stocks in the form of companies like Coinbase. In the wake of all this, most legacy banking institutions have continued to shy away from the space even though it presents a tremendous amount of monetary and technological potential.

Felix Simon — head of business development at Dsent AG, a platform for digital assets and complex tokenizations, and former market head of sales for structured derivatives investments at Credit Suisse — believes that banks tend to shy away from investment offerings whose underlyings fundamentals are not well proven, adding:

“BTC has historically had an ‘ok-to-very good’ Sharpe Ratio, but until 2020 trading volumes were probably too low — i.e. avg. 24h vols being well below the 10bn mark — so it was not too representative versus USD daily FX trading. Since then these figures have increased and futures trading has also become available, so now historic data becomes relevant.”

In its most basic sense, the Sharpe ratio can be thought of as a metric that measures the performance of an investment compared with a risk-free asset, after adjusting for its risk. In other words, it can be used to gauge the total amount of return that an investor receives per unit of increase in risk.

Mattia Rattaggi, managing partner of Meti Advisory AG and former managing director and head of regulatory affairs and governance reporting for UBS, believes that the vast majority of banks have long neglected Bitcoin and cryptocurrencies in general out of the fear of associating themselves with a source of potentially negative headlines, as well as the fear of industries, like decentralized finance, that can have a direct impact on their centralized business model. He added:

“The banking sector is not late to the party because the party has just started and only a few early attendees have arrived so far. The change of attitude and stance towards cryptocurrencies will not be perceived as patchy. Rather it will be perceived as a risk averse conservative attitude.”

Will more banks continue to adopt crypto?

Expounding his views on the subject of whether more traditional financial entities will continue to enter the space, Simon noted that banks that are just starting to make their crypto foray are still “early movers,” implying that there is still room for many more such players to make their way into this rapidly evolving space.

Similarly, Tabar believes that while JPMorgan’s arrival to the blockchain scene will surely prompt some eye rolls within the cryptocurrency community, its lateness won’t affect its standing with the general public. He added:

“Morgan Stanley only just started offering its clients access to a Bitcoin fund, and Goldman Sachs hasn’t even released a concrete plan yet. Besides, JPMorgan’s fund is still a niche project, targeting private wealthy clients through a managed fund rather than a fixed one.”

All of these above-stated developments can, in some shape or form, be viewed by the cryptocurrency community as being major milestones for Bitcoin as well as for the institutionalization of blockchain technology.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/from-nay-to-yay-jpmorgan-s-path-to-crypto-could-shake-up-finance

Blockchain

Elon Musk’s SpaceX to Accept Dogecoin (DOGE) Payments for Space Missions

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After Tesla’s moe of accepting Bitcoin (BTC) payments, Elon Musk’s space exploration SpaceX announced that it is will accepting Dogecoin (DOGE) payments for its pace missions. This comes just a day after Elon Musk called Dogecoin a “hustle” triggering a 30% price crash over the weekend.

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eIntro

Is Musk trying to do damage control here? Maybe or maybe not! Whatever it is, this news is pretty exciting for all DOGE investors in the market. The announcement for “the DOGE-1 Mission to the Moon” was made by the Geometric Energy Corporation (GEC).

The mission involves flying a 40KG cube satellite of the Falcon 9 rocket that will carry “lunar-spatial intelligence and computational systems” on board. The mission launch is scheduled for Q1 of 2022 and so SpaceX also plans to start accepting DOGE payment during the same period. Here’s what Elon Musk tweeted upon launching Dogecoin to the moon.

Although GEC announced the DOGE-funded mission, it has not exactly said how much that would cost. Speaking about this new synergy between crypto and space missions, SpaceX Vice President of Commercial Sales Tom Ochinero said:

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“This mission will demonstrate the application of cryptocurrency beyond Earth orbit and set the foundation for interplanetary commerce. We’re excited to launch DOGE-1 to the Moon!”

Solidifying DOGE’s Market Position

Well, last week, Elon Musk’s SNL tweet drove DOGE price to an all-time high of $0.71 with its market cap reaching $94 billion. Just before the SNL event over the weekend, Elon Musk had warned about the higher valuations. As it happened, during Musk’s SNL show appearance, the DOGE price crashed as much as 30% over the weekend, after Musk referred to it as the “hustle”.

Even at price time, DOGE continues to trade 16% down at a price of $0.54 and a market cap of $70 billion. It is still trading 10% positive on the weekly chart. Also, the recent SpaceX announcement seems to have little impact in turning the tide for Dogecoin.

One thing is sure that such announcements will certainly solidify DOGE’s market position and acceptance. With the recent announcement, Geometric Energy’s Chief Executive Officer Samuel Reid said:

“Having officially transacted with DOGE for a deal of this magnitude, Geometric Energy Corporation and SpaceX have solidified DOGE as a unit of account for lunar business in the space sector”.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coingape.com/elon-musks-spacex-to-accept-dogecoin-doge-payments-for-space-missions/

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Blockchain

The Transfer Token’s (TTT) Migrating to a DeFi Token Protocol

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[PRESS RELEASE – Please Read Disclaimer]

Atom Solutions Co., Ltd. (hereinafter referred to as Atom Solutions), developers of the cryptocurrency trading and overseas remittance platform “Eternal Wallet”, has announced that its in-house developed token, The Transfer Token, will migrate to a DeFi token protocol.

The Transfer Token (hereinafter referred to as TTT) is a token issued by Atom Solutions. The most exceptional feature is that by holding and lending TTT on our platform “Eternal Wallet”, developed alongside TTT, users are eligible for gaining dividends distribution.

Regarding the dividend distribution within the wallet, during an open beta test conducted from January through February, Atom Solutions recorded the below values:

・In the case of holding TTT within Eternal Wallet: 98% yearly

・In the case of lending out TTT into The Pool within Eternal Wallet: 218% yearly

The migration of TTT to a DeFi token protocol was largely born out of feedback gathered from the beta test.

This is essential in strengthening security, and preventing misconduct and data manipulation by specific operators and/or third-party attackers. By migrating the core of Eternal Wallet, the element that covers “The world’s highest received amount when remitting overseas”, to blockchain, Atom Solutions aims to provide a system with high transparency.

DeFi (Decentralized Finance) refers to the various financial services that can be provided upon the blockchain through utilizing smart contracts.

The financial services offered by DeFi encompass various sectors such as loans, insurance, exchanges, hedge funds, derivatives, prediction markets, etc. Also, unlike a centralized system with an intermediary is unnecessary, it has the feature of being a swift yet secure method of making a transaction. This notable difference from traditional financial systems has made it a focal point of interest in recent years.

Moreover, with DeFi, due to being operated on the blockchain, it has the benefits of cutting costs, increased composability and accessibility, and high transparency.

Atom Solutions, from here on forward, by further increasing the presence of TTT within the DeFi ecosystem, aims to further expand on the convenience and profitability of the services’ users.

In addition, in conjunction with this, the company has also updated the Whitepaper regarding TTT. Click here for more information.

About Atom Solutions

Atom Solutions is a Japanese FinTech corporation with 10 years of experience and achievements since its conception. In addition to abundant expertise in financial and technology sectors, we have filed for and obtained several patents related to our lending and Pool functions and much more. Armed with these we aim to realize “The world’s highest received amount upon overseas remittance”.

In our sights is not only Japan, not only Asia, but all countries across the globe. In the near future we aim to expand the number of countries where our services can be used worldwide and intend to deliver the best possible service to our users.

Location: 5F Sei Bi Do Bldg, 2-31-16 Eitai Kouto-Ku, Tokyo

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Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/the-transfer-tokens-ttt-migrating-to-a-defi-token-protocol/

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Blockchain

Kraken Daily Market Report for May 09 2021

Republished by Plato

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Overview


  • Total spot trading volume at $3.39 billion, 25% higher than the 30-day average of $2.71 billion.
  • Total futures notional at $921.3 million.
  • The top five traded coins were, respectively, Dogecoin (-11%), Bitcoin (-1.1%), Ethereum (+0.3%), Tether (-0.05%), and Cardano (+9,0%).
  • Great returns from Litecoin (+12%) and Cardano (+9.0%).

May 09, 2021 
 $3.39B traded across all markets today
 Crypto, EUR, USD, JPY, CAD, GBP, CHF, AUD 
XDG 
$0.5702 
↓11% 
$1.12B
XBT 
$58293. 
↓1.1% 
$808.0M
ETH 
$3927.0 
↑0.3% 
$687.9M
USDT 
$1.001 
↓0.05% 
$347.6M
ADA 
$1.7691 
↑9.0% 
$184.5M
XRP 
$1.5366 
↓1.8% 
$96.9M
LTC 
$388.21 
↑12% 
$76.6M
USDC 
$0.9998 
↓0.02% 
$69.8M
DOT 
$40.346 
↑1.0% 
$59.1M
ETC 
$118.97 
↓7.5% 
$58.9M
LINK 
$52.301 
↑7.3% 
$50.3M
BCH 
$1428.7 
↑2.0% 
$31.2M
FLOW 
$27.5 
↓4.0% 
$29.0M
EOS 
$10.534 
↑1.7% 
$26.5M
TRX 
$0.1430 
↓0.14% 
$21.1M
SC 
$0.0394 
↓2.8% 
$19.3M
XLM 
$0.6287 
↑2.3% 
$17.5M
XMR 
$484.44 
↑1.7% 
$12.5M
QTUM 
$27.248 
↑5.9% 
$10.6M
KSM 
$450.93 
↑3.6% 
$10.3M
DASH 
$406.54 
↓0.9% 
$7.72M
ATOM 
$28.783 
↓2.5% 
$7.55M
XTZ 
$7.1008 
↑1.6% 
$7.22M
FIL 
$146.26 
↓1.3% 
$7.05M
ALGO 
$1.5153 
↓0.4% 
$6.81M
UNI 
$39.518 
↓2.6% 
$6.41M
WAVES 
$31.746 
↓2.3% 
$6.33M
OMG 
$11.628 
↓2.1% 
$5.44M
DAI 
$1.0015 
↑0.04% 
$5.41M
NANO 
$9.4387 
↓2.9% 
$4.26M
AAVE 
$460.04 
↓1.2% 
$4.18M
STORJ 
$2.1611 
↓3.0% 
$3.96M
ZEC 
$305.02 
↓3.4% 
$3.84M
MANA 
$1.4924 
↑3.4% 
$3.82M
OCEAN 
$1.5112 
↑1.4% 
$3.79M
KAVA 
$6.153 
↓2.1% 
$3.22M
GRT 
$1.5394 
↓2.8% 
$2.64M
GNO 
$275.90 
↓6.3% 
$2.64M
LSK 
$8.2803 
↓2.1% 
$2.47M
ICX 
$2.6508 
↓0.7% 
$2.46M
BAT 
$1.4148 
↓1.0% 
$2.38M
COMP 
$771.12 
↓1.4% 
$1.9M
OXT 
$0.6504 
↓2.4% 
$1.8M
CRV 
$3.444 
↓3.7% 
$1.41M
SNX 
$17.79 
↓3.6% 
$1.39M
KEEP 
$0.5876 
↓5.1% 
$1.31M
KNC 
$3.3837 
↓2.0% 
$1.28M
ANT 
$10.208 
↓0.4% 
$1.17M
BAL 
$66.46 
↓3.8% 
$1.12M
YFI 
$53466. 
↓1.5% 
$1.12M
REP 
$45.586 
↓2.9% 
$1.07M
EWT 
$14.222 
↑4.2% 
$1.01M
PAXG 
$1898.5 
↑1.4% 
$926K
MLN 
$105.15 
↓3.6% 
$512K
REPV2 
$45.438 
↓6.4% 
$199K
TBTC 
$60059. 
↓0.23% 
$40.0K



#####################. Trading Volume by Asset. ##########################################

Trading Volume by Asset


The figures below break down the trading volume of the largest, mid-size, and smallest assets. Cryptos are in purple, fiats are in blue. For each asset, the chart contains the daily trading volume in USD, and the percentage of the total trading volume. The percentages for fiats and cryptos are treated separately, so that they both add up to 100%.

Figure 1: Largest trading assets: trading volume (measured in USD) and its percentage of the total trading volume (May 09 2021)



Figure 2: Mid-size trading assets: (measured in USD) (May 09 2021)



Figure 3: Smallest trading assets: (measured in USD) (May 09 2021)



###########. Daily Returns. #################################################

Daily Returns %


Figure 7: Returns over USD and XBT. Relative volume and return size is indicated by the size of the font. (May 09 2021)



###########. Disclaimer #################################################

The values generated in this report are from public market data distributed from Kraken WebSockets api. The total volumes and returns are calculated over the reporting day using UTC time.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://blog.kraken.com/post/9011/kraken-daily-market-report-for-may-09-2021/

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