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US Megabank JPMorgan To Let All Retail Customers Invest In Bitcoin, Ethereum, And Bitcoin Cash Funds

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US Megabank JPMorgan To Let All Retail Customers Invest In Bitcoin, Ethereum, And Bitcoin Cash Funds

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Major American investment bank JPMorgan Chase & Co will give its wealth management clients access to a selection of cryptocurrency funds, becoming the largest and unlikeliest United States banking giant to open crypto trading to all clients.

JPMorgan Expands Cryptocurrency Access

JPMorgan’s financial advisors have been approved to execute trades with the shares of Bitcoin, Bitcoin Cash, Ethereum, and Ethereum Classic funds of digital asset manager Grayscale Investments. Additionally, clients will also be able to access an over-the-counter Bitcoin fund run by Osprey Funds, OBTC. The policy change became effective on July 19, per a memo seen by Business Insider.

JPMorgan is notably the first major U.S. bank to offer indirect crypto investing to all clients seeking investment advice beyond just the rich ones. According to sources familiar with the matter, the bank’s investors using its commission-free Chase trading app, clients managed by financial advisors, and affluent clients will all be allowed seamless access to the crypto funds.

However, directly recommending crypto products to clients will not be allowed. This means that the bank’s financial advisors will only execute unsolicited trade requests from clients.

During an interview with Bloomberg a few days ago, JPMorgan’s Asset & Wealth Management CEO Mary Callahan Erdoes revealed that a majority of the bank’s clients see bitcoin as an asset class they want to invest in.

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Earlier in April, ZyCrypto reported that JPMorgan was preparing to offer an actively managed bitcoin fund to private wealth clients in partnership with cryptocurrency custody firm NYDIG.

Enthusiasts are now waiting to see whether other Wall Street megabanks that presently offer limited cryptocurrency investing to select clients will follow in JPMorgan’s footsteps.

Back in March, Morgan Stanley became the first big bank to start offering wealthy clients with at least $2 million in assets access to bitcoin funds, and in June Goldman Sachs unveiled a bitcoin futures trading product for its institutional customers.

From Denial To Acceptance

As you can recall, Jamie Dimon, the CEO of the New York-based investment bank called bitcoin a fraud back in 2017 and even threatened to fire employees who traded the asset. Although he still insists he’s not a bitcoin supporter despite the soaring demand among clients, his attitude towards the flagship crypto and the crypto space, in general, has evidently evolved.

Furthermore, JPMorgan now constantly speaks about digital currencies and offers banking services to leading cryptocurrency exchanges Coinbase and Gemini. All these moves suggest that the bank is becoming more open to the cryptocurrency industry.

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Source: https://zycrypto.com/us-megabank-jpmorgan-to-let-all-retail-customers-invest-in-bitcoin-ethereum-and-bitcoin-cash-funds/

Blockchain

German Institutional Funds Can Now Invest 20% of Portfolios in Crypto

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According to a new law coming into effect next week, some German investment funds will be able to hold up to 20% in digital assets. This comes amid growing demand from various institutions towards the industry.

Germany’s Next Crypto Move

As per a Bloomberg report from July 30th, Spezialfonds – German investment funds with fixed rules – will be able to allocate as much as 20% of their holdings in digital assets. Those funds reportedly manage around 1.8 trillion euros or $2.1 trillion and can only be accessed by local institutional investors like insurers or pension firms.

Tim Kreutzmann – an expert on cryptocurrencies at BVI, Germany’s fund industry body – pointed out that the majority of the funds would most likely prefer to start small at first:

“Most funds will initially stay below the 20% mark. On the one hand, institutional investors such as insurers have strict regulatory requirements for their investment strategies. And on the other hand, they must also want to invest in crypto.”

Even though the initiative comes after increased demand from numerous German institutions towards cryptocurrency products, Kamil Kaczmarski – an executive at the management consultancy firm Oliver Wyman LLC – opined that many local investors are still skeptical, mainly because of the infamous volatility. He argued that this trend would remain for the next five years.

According to a spokesman, Deutsche Bank AG’s asset manager DWS Group and one of Germany’s leading financial institutions – DekaBank – have both showed interest in investing in cryptocurrencies but so far have not made any decisions.


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Deutsche Bank is Keen on Cryptocurrencies

As CryptoPotato reported in May, the German multinational financial institution – Deutsche Bank – demonstrated its support towards virtual currencies. Back then, its CIO – Christian Nolting – highlighted the growth of the asset class experienced in the past few years and especially following the COVID-19 pandemic. Moreover, he believes cryptocurrencies are here for the long haul:

“I think that by now, it is clear that cryptocurrencies (in some form) are here to stay, but I would argue that they are far from a mainstream asset class.”

On the contrary, Nolting argued that CBDCs could harm digital assets and reduce their chances of serving as international payment instruments:

“A widespread introduction of CBDCs accompanied by higher regulation of cryptocurrencies could create a more challenging environment for crypto assets as some of their advantages compared to traditional financial assets would fade in the longer term.”

Deutsche Bank’s executive also compared Bitcoin to gold, saying that the primary cryptocurrency has all the qualities of the precious metal. He went further, stating that one day BTC “could ultimately replace gold as a store of value.”

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Source: https://cryptopotato.com/german-institutional-funds-can-now-invest-20-of-portfolios-in-crypto/

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Ethereum: Are you wrong to expect ‘changes’ from London

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Ethereum is days away from one of the most important system upgrades since its inception. The London hard fork, the implementation of EIP-1559, is expected to completely change the monetary and economic model of Ether and its network.

These changes are expected to take place after the commencement of the hard fork on 4 August. However, there have been other changes too, each of which has transpired over time for the altcoin.

The issue of transaction fees

One of the most discussed changes expected out of EIP-1559 is that ETH’s transaction fees will become relatively stable. Any entity wanting to conduct a transaction on the Ethereum network is required to pay a “gas fee.” The same is to be paid in Ether, to miners, to process these transactions. During the 2020-2021 bull run, these fees skyrocketed.

Source: Ycharts

In fact, according to the attached chart, the transaction fee was as high as $71 at one point. However, that aspect might end up being tackled before the hard fork itself.

Over the past few weeks, the gas fees for ETH transactions have drastically dropped on the charts. Now, many have suggested that this was due to the bearish market.

Source: Spencer Noon

However, a contradictory argument is that DeFi applications are still rampant. UNI and AAVE registered strong on-chain performances over the past few weeks, and major functionality within these assets rely on the utility of Ether. For both June and July, the Ethereum network’s fees were already under the yearly average. Such a healthy fee market allows for a stronger security budget for Ethereum.

Investment and trading are not the only ways to profit from Ethereum anymore

ETH held on Exchanges

Source: Glassnode

A common bullish argument for Ethereum in 2020-2021 was the fact that it registered massive exchange outflows. Here, the inference was that hodlers were taking the asset out of centralized platforms and simply holding their allocation. It might have been true in late 2019 and early 2020, but right now, the playing field has evolved.

According to data, exchange outflows have definitely increased but the key point remains that more and more Ethereum is flowing into smart contracts. Further, ETH users are pursuing other opportunities to earn interest and yields.

The rise of yield farming and interest lending platforms has opened new avenues for ETH users. The reason being that they are able to earn capital without depending too much on a bullish or bearish cycle.

Changes are coming but, “change” is already here

The industry is evolving at a break-neck speed and Ethereum is gunning towards its massive upgrade. And yet, users should not be expecting ground-breaking changes. In fact, those who are might as well be ‘wrong’ to some extent.

Over the past few weeks, Ethereum has already been incorporating changes that may define its functionality and usage going forward.

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Source: https://ambcrypto.com/ethereum-are-you-wrong-to-expect-changes-from-london

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Bitcoin Cash, Cosmos, VeChain Price Analysis: 01 August

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With Bitcoin soaring up to $42,000 today, other altcoins pumped too. BCH was preparing to test its immediate resistance, ATOM hiked by 8% overnight, and VET flashed signs of an uptrend. 

Bitcoin Cash

Bitcoin Cash, Cosmos and VeChain Price Analysis: August 1

BCH/USD, TradingView

Bitcoin Cash was trading at $554 on the back of a 2.1% gain over the last 24 hours. From the 4-hour chart, BCH depicted an upward movement towards its immediate resistance of $566. On failing to test the same, the prices could land near the $544 mark and then subsequently rest on $528. 

The Relative Strength Index despite noting a slight fall in buying pressure stayed well within the bullish territory. The green signal bars on the Awesome Oscillator depicted the presence of the bulls in the market.

Conversely, however, the MACD flashed red bars on the histogram at press time after a bearish crossover yesterday, although it was declining in size marking a reversal of the bearish sentiment on the indicator. 

Cosmos (ATOM)

Bitcoin Cash, Cosmos and VeChain Price Analysis: August 1

ATOM/USD, TradingView

ATOM displayed a considerable hike of almost 8% within a day. It alt was priced at $12.88 at press time. If it continued moving on the upside, the token might cross the immediate price ceiling of $12.96. 

If ATOM reaches the $12.96 mark over the upcoming trading sessions, it could expect strong resistance at $13.60. If the coin dips below its current price level, the support region lies at $12.00 and then eventually at $11.53. 

Overall technical outlook of ATOM remained quite bullish with the Relative Strength Index spotted above 60 despite a minor fall. Awesome Oscillator showed amplified green signals bars validating the same. 

Bollinger Bands widened suggesting chances of market volatility as prices kept touching the upper band. 

VeChain (VET)

Bitcoin Cash, Cosmos and VeChain Price Analysis: August 1

VET/USD, TradingView

VET had seen a period of consolidation a few days back, however, it rebounded from that and registered steady gains over the last few days. VET’s price at press time stood at $0.0913 as it recorded a 5.2% gain overnight. 

The technical analysis chart showed that VET witnessed a bullish trade, with the Relative Strength Index touching the overbought zone just 24 hours ago. At press time, however, the indicator fell below the overbought territory.

Chaikin Money Flow, over the last few days, registered increased capital inflows and was pictured in the bullish zone despite the minor fall in capital inflows at press time. 

Bollinger Bands opened up in anticipation of increased market volatility. With prices touching the upper band, the bulls might push the prices higher. The immediate resistance for VET lay at $0.93, failing to test that, the support region awaited at $0.0870 and then at $0.801.

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Source: https://ambcrypto.com/bitcoin-cash-cosmos-vechain-price-analysis-1-august

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