The overall situation with the crypto currency is sometimes volatile, with historical switch up in between booming and down.
Well, the past few months saw crypto – from Bitcoin, USDT to Eth dropping. Yet J.P. Morgan acts on it as a true historical trend they recognize. They capitalize on the low price, investing now because the know that just like during 2016, 2019 crashes – the crypto price will rise again.
These days, J.P. Morgan, one of Wall Street’s biggest banks managed by outspoken bitcoin and crypto sceptic Jamie Dimon, has surprisingly striked for its first-ever cross-border transaction using blockchain-based decentralized finance (DeFi). This amazing move in this dire bear market been dubbed by experts as “a massive step” for the crypto confidence.
This increases everyone else’s confidence in crypto rebounding.
The overall crypto price has somewhat crashed over the last year, plunging from an all-time high of almost $70,000 per bitcoin to around $20,000. The bitcoin price crash has pulled down the wider crypto market, taking out approx.$2 trillion in overall value.
This week, JPMorgan completed its first live cross-border transaction on a public blockchain using the Ethereum layer-two network. Which is PolygonMATIC +36.2%, designed to help Ethereum scale, and a modified version of the aave protoco. Tech lingo aside, that would stand for a DeFi technology that lets people to lend and borrow without the need for a trusted third party.
Is this cyclical approach justified? We’ll see in the next coming months as there are new multiple blockchain, NFT and crypto, Web3 projects rising.
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SOURCE:
https://www.forbes.com/sites/billybambrough/2022/11/06/a-massive-step-jpmorgan-just-made-a-surprize-game-changing-bet-on-crypto-despite-2-trillion-bitcoin-ethereum-and-crypto-price-crash/?sh=59bc1474652d
