Bitcoin goes down as JP Morgan comes up with its own digital currency

Bitcoin goes down as JP Morgan comes up with its own digital currency

On Thursday, digital coins declined due to the fact that JP Morgan uncovered its own crypto asset expected to help the well-known bank to settle payments between its customers.

The crypto asset dubbed “JPM Coin” will assist the financial institution in using the technology behind crypto assets to transfer funds at the same speed rather than using the slower technology of traditional wire transfers.

While the major bank’s crypto asset is built around blockchain, driving Bitcoin, Jamie Dimon, JP Morgan CEO has often told that crypto assets are a fraud.

HSBC has utilized a blockchain-based system to cut the cost of settling internal foreign exchange transactions by approximately a quarter. It cleared about $250 billion in transactions utilizing the “FX Everywhere” system in 2018, and processes between 3,500 as well as 5,000 internal trades a day. In fact, the system isn't available to external counterparties yet. However, HSBC has recently pointed out that it’s considering how it may benefit its multinational customers.

On the Index, Bitcoin headed south by 0.78% concluding the trading session at $3,592.50.

Digital coins generally went down. At the time of writing, the overall crypto market capitalization amounted to $120 billion, declining from $121 billion on Wednesday.

The number two crypto asset, Ethereum headed south by nearly 1.4% coming up with a reading of $121.72. As for XRP, this digital coin declined by about 0.88% being worth $0.30122. Additionally, Litecoin hit $41.171, decreasing by 3.8%.

Meanwhile, Nasdaq is actually launching two fresh indices to closely watch cryptocurrency prices starting from February 25. The new indices, the Bitcoin Liquid Index (BLX) as well as the Ethereum Liquid Index (ELX) are going to provide real-time spot rates. What’s more, they’ll be updated every thirty seconds.


Where is Dogecoin?
Where is Dogecoin?

Did the era of the Dogecoin, the most famous cryptocurrency, come to its end, or it is just a calm before the storm? Let’s find out!

Latest news

Market Crash Incoming?
Market Crash Incoming?

This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.

What Currency Will Overperform?
What Currency Will Overperform?

S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.


A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera