Industry Reacts to Bullish Bitcoin Analysis by JP Morgan

Bitcoin has seen a strong uptick in institutional adoption over recent weeks and months amid the worst economic trends in many decades. Wall Street analysts think that the asset may act as a hedge against the U.S. dollar dropping and other geopolitical and macro trends. JP Morgan made this much clear when the firm released a commentary on this nascent market. The prominent Wall Street firm commented that Bitcoin could rally multiples higher if it manages to crowd out gold to some extent. Related Reading: Here’s Why Ethereum’s DeFi Market…

Chainlink Rallies Higher as Analysts Expect Further Mid-Term Upside

Chainlink has seen one of the strongest rebounds from its recent lows across the aggregated altcoin market, with its price rocketing higher as investors begin rotating capital into “risk-on” assets as Bitcoin and Ethereum show signs of strength. Its rebound is showing few signs of slowing down, and a move back up to its all-time highs could be on the table if the wider crypto market continues showing signs of strength. One analyst is now pointing towards a diagonal resistance level that has been formed over the past few days,…

Filecoin (FIL) Shoots 25% Higher as Buyers Step Back In

Filecoin has undergone a strong drop since its all-time highs above $100 set on its launch date earlier this month. The coin currently trades for $25, 75% below those highs. Despite this drop, buyers seem to be stepping back in. The coin is up 25% in the past 24 hours, making it the best-performing digital asset in the top 100 by a long shot. For context, Bitcoin is only up by 1.5% in the past 24 hours while Ethereum has gained closer to 3%. Related Reading: Here’s Why Ethereum’s DeFi…

China’s central bank lays regulatory foundation for CBDC

China’s central bank, the People’s Bank of China (PBOC), published a draft law this Friday that aims to provide regulatory framework and legitimacy for a forthcoming central bank digital currency (CBDC), the digital yuan.  The draft law states that the yuan is the official currency of the People’s Republic of China whether in physical or digital form. The draft law also appears to take aim at third-party efforts at yuan-backed digital currencies, stating that individuals and institutions are prohibited from making and issuing a currency designed to “replace” digital yuan…

DeFi Total Value Locked Reaches $12.5B All-Time High Despite Cooling Hype

Key Takeaways The total value locked in DeFi reached a new high of $12.5 billion on Oct. 24. While lending platforms like Compound, Aave, and Maker still occupy the top five positions, other smaller protocols are gaining ground. DeFi token prices are consolidating after a drastic fall since September, but this could be bullish as Bitcoin prices heat up. Share this article Despite cooling DeFi hype, the total value locked in these financial protocols continues to make new all-time highs. State of Top DeFi Projects The dominant DeFi projects in…

JPMorgan turns bullish on Bitcoin citing ‘potential long-term upside’

JPMorgan, the $316 billion investment banking giant, said the potential long-term upside for Bitcoin (BTC) is “considerable.” This new optimistic stance towards the dominant cryptocurrency comes after PayPal allowed its users to buy and sell crypto assets. JP Morgan, from “Bitcoin is a fraud and will blow up” in 2017 to “Bitcoin’s competition with gold” in 2020. We’ve come a long way. pic.twitter.com/xceabkHaVJ — Krüger (@krugermacro) October 24, 2020 The main factor put forward by JPMorgan’s Global Markets Strategy division is Bitcoin’s competition with gold. The note, obtained by Business…

Bitcoin Could Rocket if It Closes Its Monthly Candle Above This Key Level

Bitcoin is currently consolidating within the lower-$13,000 region as bulls move to control its near-term price action. It has been struggling to break above $13,200 ever since it was rejected at this price level a few days ago. This currently marks the crypto’s 2020 high, and the selling pressure here is quite significant. If broken above, this level could spark a serious uptrend that sends it flying higher, with it potentially reaching up towards $14,000 before it faces any further selling pressure. It did face a slight rejection at these…

Ethereum researcher Virgil Griffith files motion to dismiss North Korea conspiracy charge

Virgil Griffith, the former Ethereum Foundation researcher accused of conspiring to violate U.S. sanctions against the Democratic People’s Republic of Korea, filed a motion on Thursday to dismiss the charge against him on the grounds that prosecutors from the Southern District of New York have failed to properly state Griffith’s crime.  Griffith, 37, was arrested by FBI agents on Nov. 28th, 2019 following a presentation at a conference in North Korea in April.  Prosecutors allege that at the conference Griffith rendered services to the North Korean government in the form…

Central Bank Regulations Leave Little Room for Private Stablecoins

Key Takeaways Several countries and regions are developing fiat-backed, central bank digital currencies (CBDCs). Some regulators aim to restrict or ban existing stablecoins in order to make room for official CBDCs. However, these restrictions have not yet been enforced. Share this article Numerous central bank digital currencies (CBDCs) are under development, meaning that various countries are planning to issue a digital asset tied to their own regional fiat currency. This has largely been considered good news for the crypto industry; however, recent trends ask whether CBDC regulation could harm popular…

How US authorities are using old AML tools to crack down on crypto

The ease of laundering money in the U.S. before 1970 boggles the mind. Prior to the Bank Secrecy Act (BSA) of that year, there were no federal standards for banks to keep records on activity that fell under the category of “suspicious.” There were also no consistent reporting requirements — it was the BSA that established the $10,000 threshold that stands to this day. But it’s not like the BSA banished money laundering from U.S. shores. It wouldn’t even be until 1986 that money laundering was classified as a federal…