Bitcoin faces a new week marked by the volatility that already seems intrinsic in the financial markets and trying to overcome its latest lows set last day at $18,384 per share. A new and dangerous level that was established on October 13 and from which it has been able to get out to rejoin 19,000 points, that essential point from which to consider new horizons in its price.
However, this week Bitcoin added statements from its biggest detractor of all time. Jamie Dimon, the CEO of JPMorgan, who after speaking of a deep recession to be found from the United States in a period of 6 to 9 months, attacked cryptocurrencies again.
Something that, yes, business is business, has not prevented the American investment bank from having from a team of exclusive analysts in cryptography to, since July of last year, being the first since JPMorgan as a great US standard in providing access to Bitcoin and other cryptocurrency funds to all clients of your wealth manager. Of course, without advice from the firm’s experts.
At an event organized by the Institute of International Finance, he rebranded crypto tokens as “decentralized Ponzis” after the famous pyramid scheme of the same name. He considers that there is a lot of illicit activity within the crypto universe. That hasn’t stopped some uses of blockchain from being celebrated. And it is not for less because JPMorgan has just teamed up with Visa to allow global payments in the style of Bitcoin.
The idea is to make cross-border payments in services based on blockchains created by themselves, similar to Bitcoin, hand in hand with Confirm to also mitigate frustrated payments and avoid fraudulent operations, through Visa’s private blockchain, B2B Connet.
In its price chart we see that Bitcoin yields a more than moderate 1.68% in the last week, with monthly cuts that reach 2.56%. In the semester, the fall reaches 52.6% while, so far this year, the cuts are 59.4% for the first cryptocurrency in the market.
Regarding the index of fear and greed, it is shown in extreme fear, 24 with a decrease of 2 points compared to last week and an improvement of 4, compared to last month. Meanwhile, its capitalization already accounts for 40% of the universe of cryptocurrencies with some 367,000 million dollars. And it is placed in the global ranking in position number 14, between Visa, which surpasses it, and Walmart, which is placed behind.
Meanwhile, among the defenders, we find a new show of confidence from Robert Kiyosaki. With this tweet that we see in the image, the businessman highlights his commitment to Bitcoin against real estate. He believes that the main cryptocurrency in the market has become more important now, during the unemployment crisis, notes FxStreet. And he believes that in addition to virtual currency, gold and silver, precious metals can help investors preserve their wealth in this time of turmoil, volatility and uncertainty in financial markets.
And it is that the improvement over those last lows that we were referring to at the beginning could give it wings in the market. From Oanda, its analyst Edward Moya highlights that Bitcoin has already recovered above the level of 19,000 dollars, after maintaining the pattern of consolidation for now, as if it breaks $17,500, the technical window could get worse.
All this while Bitcoin continues to mimic Wall Street at a very delicate moment, with inflation that does not waver and with an eye on the new rate hike, and especially in its amount, on November 1 by the Federal Reserve from the United States.
Experts point out that Bitcoin remains stuck in a range between 18,200 and 20,400 points, without a clear bearish or bullish trend on the cryptocurrency, which somehow benefits it in the face of the sharp falls that we have seen. seen in the financial markets.