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Tuesday, June 6, 2023

JP Morgan CEO calls Bitcoin as “Worthless”

The past few weeks have been extremely bullish for the whole crypto market. The price of BTC has rallied upwards to an extreme run and reached very near to its all time high i.e. $64.3K. People became bullish and started seeing the price from another perspective “The price is closer to $100,000 than it is to $0”.

Traders who have been already actively participating in the market know that the market always move in waves and no matter how much a parabolic movement comes, it eventually has to come down because people book profits. This results in the fall of price but as long as the bullish structure remains intact we can expect it to bounce again and create new heights.

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Now all the happy news that have pushed the price of Bitcoin and in general helped the market gain its momentum back include the news about big financial institutions buying Bitcoin at the bottom and probably the most bullish news was the fact that El Salvador and BTC regulations. They have also started to mine Bitcoin through a volcano powered rig. Amidst all this positive news negative news have also co existed and damaged the whole market to such an extent that the market crashed and retraced down to almost 50%. These famously include the China Ban and Tesla news about the payment.

Latest news amidst the bull run are the remarks of JP Morgan’s CEO who called BTC as worthless.

He said “I personally think BTC is worthless”.

He stated “Our clients are adults. They disagree. That’s what makes markets. So, if they want to have access to buy yourself Bitcoin, we can’t custody it, but we could give them legitimate, as clean as possible, access.”

In the past similar statements have come from JP Morgan. A pretty good timing of this statement as Bitcoin was already loosing it steam. It was at around $57k and was losing volume and consolidating at the lower time frames. It can be considered that such a statement could act as a blow to the bullish momentum.

At the time of writing Bitcoin (BTC) is being traded at the price of $55k. It dropped down to a price of around $53,900 today but the price has bounced back. BTC has a drop of 3.78% in the past 24 hours. Altcoins are holding well at the moment and not showing signs of weakness as people are also speculating the altcoin season soon.

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