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bitcoin
Nexo

Bigger Fish to Fry

Bitcoinist by Bitcoinist
3 years ago
in Mati Greenspan, News, News teaser, Sponsored Article
0
Advertisement

Unfortunately, we’re now in a state of emergency. No, I’m not talking about JPM Coin, we’ll get into that below. I’m talking about the United States, who seems to have averted a shutdown of the government but will now likely enter into a state of emergency instead. Not sure which is worse. 


Still, the fact that the government will stay open seems to be reason enough to celebrate these days. However, the stock markets are declining across the globe today on something much more fundamental, the economy.

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@MatiGreenspan
eToro, Senior Market Analyst

Today’s Highlights

US-China trade deadline: 14 days | Days to Brexit: 42

JPM Coin

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Please note: All data, figures & graphs are valid as of February 15th. All trading carries risk. Only risk capital you can afford to lose.

Traditional Markets

The major disappointment came yesterday from the US retail sector, which made for dismal reading.

The reaction from the stock markets was swift and brutal as the major indices, which have been on a tear since the December lows took a noticeable hit (purple circle). The fall is not so dramatic; of more concern is the lost opportunity on what could’ve happened had the report been fine.

The market was setting up as if to rise but now the rally could possibly be called into question. We’ll see.

After all, poor economic data has largely been interpreted by investors as good news for the last few years. The worse the data, the more likely the Fed is to prop up the markets with additional stimulus.

Even as I’m writing we can see the European session turning from red to green.

JPM Coin…

As the news was spreading fast across the interwebs, I already had a drink in my hand, getting ready for a show called “Blockchain on Booze.” The drunken panel, myself included, decided to discuss the big news from JPM right out the gate. Hope you enjoy the show.

On the face of it, though they’re calling it a “cryptocurrency” this new coin seems to have very little to do with the crypto market. With estimated daily transfers of $6 trillion, the bank was about due for a systems upgrade and after all, why not use a private distributed ledger system to streamline things for them and their clients?

There have been several articles saying that this news is bad for Ripple as it could eat into their core market. One article even claimed that JPM coin has killed the Bitcoin dream, but nothing could be further from the truth.

Especially in a nascent industry, having competition is good for business. In fact, the atmosphere among the XRP community was one of celebration more than anything.

Still, as we’ve seen many times over the last few years, the news, good or bad, doesn’t always impact prices. As we can see, prices barely budged yesterday.

Bigger Crypto Fish

Yesterday we were all celebrating the achievement of Anthony Pompliano and Morgan Creek, who managed to onboard the first known public pension fund into a bit of crypto exposure, a great achievement no doubt. Several hours later, crypto investment firm Grayscale also released a stunning report.

That’s right, over the course of 2018, one of the worst years for crypto prices in history, institutional money has continued to flow in. To be fair, the fund did perform a lot better at the beginning of the year before sentiment turned really sour, but as we can see, there were continuous flows in throughout the year.

Also notable is that 88% of the money was invested directly in their bitcoin product, yet another figure that shows BTC‘s clear dominance in the market.

Wishing you and yours a fantastic weekend ahead.

Best regards,
Mati Greenspan
Senior Market Analyst


eToro (UK) Ltd is authorized and regulated by the Financial Conduct Authority. eToro (Europe) Ltd is authorized and regulated by the Cyprus Securities and Exchange Commission.

This is a marketing communication and should not be taken as investment advice, personal recommendation, or an offer of, or solicitation to buy or sell, any financial instruments. This material has been prepared without having regard to any particular investment objectives or financial situation and has not been prepared in accordance with the legal and regulatory requirements to promote independent research. Any references to past performance of a financial instrument, index or a packaged investment product are not, and should not be taken as, a reliable indicator of future results. eToro makes no representation and assumes no liability as to the accuracy or completeness of the content of this publication, which has been prepared to utilize publicly-available information.

eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 76% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Cryptoassets are volatile instruments which can fluctuate widely in a very short timeframe and therefore are not appropriate for all investors. Other than via CFDs, trading cryptoassets is unregulated and therefore is not supervised by any EU regulatory framework. Your capital is at risk.

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