#CryptoCorner Episode 401: Bitcoin with Slow Rise Following Halving, JPMorgan (NYSE: $JPM) Opens Banking to Coinbase and Gemini, DMG Blockchain Solutions (TSXV: $DMGI.V) Announces Corporate Outlook
Point Roberts, WA, Delta BC May 13, 2020 - Investorideas.com, a leader in crypto and blockchain investing news brings you today’s edition of the Crypto Corner podcast and commentary on what’s driving the cryptocurrency market .
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Read this in full at https://www.investorideas.com/news/2020/crypto-corner/05131Bitcoin-JPM-DMGI.asp
Stocks discussed: (NYSE:JPM) (TSXV:DMGI)
Bitcoin (BTC) entered into its much-hyped “halving” event on Monday already in a downtrend following the weekend’s price crash, and did not end up rallying as some expected. However, according to data from Coinmarketcap, it has been on a steady incline and is now trading at just over $9,000 again. A report from CoinDesk, written by Omkar Godbole, argues that given the foreknowledge of the halving, the market was able to factor it in, and that as a consequence the absence of a rally is unsurprising. An excerpt from the piece outlines how, in fact, a decline in trading price might manifest in the short term.
Some observers might predict a price drop in the near term, as the halving has doubled the cost of bitcoin production and made older generation mining machines like Bitmain Antminer S9s unprofitable. As a result, some hard-pressed miners could potentially shut down and offload their bitcoin holdings to recover the cost, adding to bearish pressures around the cryptocurrency.
The Block reports that JPMorgan Chase & Co. (NYSE:JPM) will offer bank accounts, including deposit, withdrawal and transferring services, to crypto exchanges Gemini and Coinbase through the Automated Clearing House (ACH) network. This comes in spite of JPMorgan CEO Jamie Dimon famously called Bitcoin a “fraud”. An unnamed banker told the Block:
"It's quite significant news in my opinion. There is little business in fees associated with processing wire and ACH payments, I would expect that there are other associated benefits to JPM from any associated banking services, additional collaboration with both of those firms, potential for winning any future IPO or another angle such as JPM coin being offered on either of those platforms."
DMG Blockchain Solutions Inc. (TSXV:DMGI) announced both a positive corporate outlook for the next few months and a mining overview. Among the highlights for its mining business, the company revealed that it was recently commissioned by Bitmain to setup and optimize their largest facility in Texas, and that it had successfully certified 10,000+ cryptocurrency miners for operation under UL/CSA. On the halving, DMG’s CEO Dan Reitzik commented:
“One of the reasons Bitcoin was created was to combat increasing inflation, driven by issuing more and more fiat currency. This is the reason ‘halvings’ occur every 4 years, to reduce the supply of new bitcoin created over time, leading to deflation. DMG sees a tremendous upside opportunity for Bitcoin price increases and subsequently for the Company’s, and our clients’ profitability in both the near and long term.”
Sam Mowers, Investorideas
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