- Major cryptocurrency are rangebound with bearish bias on Friday.
- The excitement about the recovery turned out to be premature, Mati Greenspan warns.
- Not everyone is happy about JPMorgan’s venture into cryptocurrencies.
Major cryptocurrency prices are moving to the South on Friday, extending losses from previous sessions.
Bitcoin is changing hands at $3,570. The first digital coin has been trading in a relatively narrow range for the best part of the week. Also, there is a taste of disappointment in the market as the recovery attempts are effectively capped by $3,600.
Ethereum, the second largest coin with a market value of $12.7B is trading at $121.47, down 1.3% since this time on Thursday. XRP stays unchanged at $0.3025 amid shrinking volatility and low trading volumes.
“The effects of the weekend rally seem to be slowly fading, and the crypto markets are oddly mixed. Of course, this is a very moderate decline and can easily be turned around, but looking at both sides of the coin, it could also be an indication the excitement was premature,” Mati Greenspan, senior market analysts at eToro commented.
JPMorgan Chase announced the launch of its own cryptocurrency called JPM Coin. It will be used to settle payments between customers to speed up the transactions and make the process more efficient.
However, the market did not feel enthusiastic about it. The cryptocurrencies barely moved, while some experts came up with critical comments.
“Blockchain and Bitcoin were, of course, initially supposed to allow individuals to send each other cash without any state or company standing in their way. But that dream is now effectively dead, and blockchain is now fully into its boring phase. The latest and most telling evidence of this arrived this morning when JPMorgan (JPM) said it had developed and tested a prototype of a digital coin,” Ben Walsh is a finance reporter at Barron’s writes.
He states that the technology that was meant to reduce a middleman now used to make them even stronger.
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