Bitcoin, Ethereum, Dogecoin Spike After JPMorgan Enters Blockchain Deposit Tokens: Analyst Says BTC Is 'Going Higher Soon'

Bitcoin, Ethereum, Dogecoin Spike After JPMorgan Enters Blockchain Deposit Tokens: Analyst Says BTC Is 'Going Higher Soon'

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Major cryptocurrencies surged on Friday following reports that global financial powerhouse JPMorgan is venturing deeper into the world of cryptocurrencies. The company is said to be developing a cutting-edge blockchain-driven solution to facilitate seamless cross-border transactions.

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EDT)
Bitcoin BTC/USD +2.30% $26,308
Ethereum ETH/USD +1.17% $1650
Dogecoin DOGE/USD +0.37% $0.063

What Happened: According to a Bloomberg report, JPMorgan has made significant progress in developing the necessary infrastructure to facilitate the implementation of a new deposit token. Initially, this token will be introduced for corporate clients with the aim of streamlining payment and settlement processes.

Deposit tokens, unlike stablecoins, are issued on a blockchain by a depository institution to represent deposit positions. However, it is important to note that the system will only become available once regulatory approval is obtained in the United States.

Crypto exchange Binance is expanding its zero-fee trading promotion to include currency spot trading pairs in Argentina, Brazil, and South Africa. Starting this Friday, Binance users can trade popular cryptocurrencies such as Bitcoin, Ether, and Tether’s USDT stablecoin with the Argentine peso, Brazilian real, and South African rand on the spot market without incurring any maker fees. 

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Top Gainer (24 Hour)

Cryptocurrency Gains +/- Price (Recorded 9:30 p.m. EDT)
Render +6.05% $1.49
Astar +5.04% $0.06083
XDC Network +4.94% $0.05667

Currently, the global crypto market capitalization stands at $1.04 trillion, a 0.2% increase in the last day.

The Nasdaq Composite recorded its fourth consecutive session decline on Thursday, as worries about the Federal Reserve’s interest rate policy path resurfaced. There are concerns regarding whether policymakers will implement another hike this year. Amid this, the tech-heavy Nasdaq experienced a 0.89% drop, while the S&P 500 slipped by 0.32%.

See More: Best Crypto Day Trading Strategies

Analyst Notes: Michael Van de Poppe highlights that Bitcoin is currently maintaining a crucial level of support at around $25,500. However, the upcoming month of September could be a challenging one for cryptocurrency. Bitcoin is currently resting on the 200-Week Moving Average (MA), which is a crucial support level that it should ideally hold onto. By examining the historical and cyclical aspects of the market, we can draw a few conclusions.

In previous years, both August and September have been unfavorable months for Bitcoin, particularly in pre-halving years. For example, in August 2015, there was a considerable correction toward the 200-Exponential Moving Average (EMA), but Bitcoin never closed below it. Similarly, in August 2019, there was a substantial correction, followed by a smaller one in November of the same year.

Crypto Tony’s excitement is palpable as he announces, “Alerts just went off for Bitcoin breaking resistance .. Guess I’m up for a few more hours.”

Pseudonymous analyst

© 2023 Benzinga does not provide investment advice. All rights reserved.


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