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 Investing.com 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.

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