Please try another search
Bitcoin on the down low as JPMorgan Chase bans crypto
Proactive Investors - The crypto markets had little oil in the tank on Tuesday, with benchmark cryptocurrency bitcoin (BTC) dropping against the US dollar.
Spot market trades sent bitcoin down to $26,200, though a small lift this morning added a percentage points.
At the time of writing, BTC/USDT was swapping at $26,234.
Bitcoin remains 6.4% down over six months – Source: tradingview.com
The second-largest cryptocurrency Ethereum (ETH) rebounded from an intraday low of $1,580 to close Tuesday's trades at $1,594.
Over the seven-day period, bitcoin and ether have performed generally in line with each other, with low-single-digit losses penned for both.
In the headlines, JPMorgan Chase (NYSE:JPM)'s British retail bank intends to ban cryptocurrency transactions made by customers from 16 October, citing a dramatic increase in fraud and scams associated with digital currencies.
"We've seen an increase in the number of crypto scams targeting UK consumers, so we have taken the decision to prevent the purchase of crypto assets on a Chase debit card or by transferring money to a crypto site from a Chase account," a spokesperson for the bank told Reuters.
Chase follows the lead of other major UK banks HSBC (LON:HSBA), NatWest (LON:NWG) and Nationwide (as well as Spanish bank Santander (BME:SAN)), all of which have implemented their own bans in response to the various collapses and large-scale frauds that came to light in 2022.
JPMorgan head Jamie Dimon has made his thoughts on digital currencies clear in the past, calling bitcoin a “hyped-up fraud” in January’s Davos gathering in Switzerland.
In the broader crypto markets space, Tron (TRX) remains the only top-10 altcoin in the green, with the likes of BNB, Ripple (XRP), Dogecoin (DOGE), Solana (SOL) and Cardano (ADA) following bitcoin and ether with low-single-digit losses across the weekly period.
Global cryptocurrency market capitalisation currently stands at $1.05 trillion, with bitcoin dominance at 49.93%.
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.