Ethereum Price Analysis: ETH Turning Bullish, Targets Fresh Weekly Highs

ETH price gained traction and surpassed the key $138 resistance level against the US Dollar.
The price formed a strong support near the $136 level before climbing above $138.
This week’s major bearish trend line was breached with resistance near $138 on the hourly chart of ETH/USD (data feed via Kraken).
The pair is now trading nicely above the trend line and eyeing more gains above $140 and $142.

Ethereum price slowly moved above key resistances against the US Dollar and bitcoin. ETH could continue to move higher towards the $145 resistance as long as it is above $138.
Ethereum Price Analysis
After a brief consolidation, ETH price formed a strong support near the $135 and $136 levels against the US Dollar. The ETH/USD pair slowly moved higher and broke a few important resistances near the $138 level. There was even a close above the $138 level and the 100 hourly simple moving average. This is a positive sign and has opened the doors for more gains above the $142 and $144 levels. More importantly, bitcoin price already climbed higher, challenging the $4,050 resistance, and it may continue to rise in the near term.
Therefore, it could help ETH, XRP, and other cryptocurrencies. During the recent upside, this week’s major bearish trend line was breached with resistance near $138 on the hourly chart of ETH/USD. There was a break above the 50% Fib retracement level of the last decline from the $142 swing high to $135 low. The price traded close to the $140 level and later corrected lower. It traded below the 23.6% Fib retracement level of the recent wave from the $135 low to $140 high.
However, the $138 level and the 100 hourly SMA acted as a strong support. Besides, the 50% Fib retracement level of the recent wave from the $135 low to $140 high acted as a support. The current price action suggests that the price is well supported above $138 and it may continue to rise. An immediate resistance is at $140, above which the price could break the $142 level.

Looking at the chart, ETH price is trading in a positive zone above the $138 level. If buyers remain in action, the price may even challenge the $145 resistance level. On the downside, if there is a break below the $138 support, the price may revisit the $136 support. The main support is near the $135 level.
ETH Technical Indicators
Hourly MACD – The MACD for ETH/USD is currently gaining traction in the bullish zone.
Hourly RSI – The RSI for ETH/USD climbed above the 50 level and it is currently near the 55 level.
Major Support Level – $138
Major Resistance Level – $142
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Will Ethereum be the King of Dapps again in 2019?

2018 was definitely a forgetful year for Ethereum and Vitalik. Everything that could go wrong for the coin has gone wrong bringing the whole Ethereum Dapp ecosystem to a standstill like the situation with congestion and scalability issue. But with 2019 and Constantinople upgrade implemented, things seem to be returning to normal for the coin.
Is Ethereum inching up to regain its lost Dapp supremacy?
Ethereum was the one that introduced the world with the concept of smart contracts that laid the foundation and later expansion of dapps and formation of projects like Tron and EOS which now are competing and trying to take the crown away from Ethereum itself.
Vitalik had big plans for Ethereum in 2018, all seem to come crashing down. In January 2018, Vitalik had said in a statement to Tech Crunch that
“I expect 2018, at least within the Ethereum space that I’m best able to speak about, will be the year of action. It will be the year where all the ideas around scalability, Plasma, proof-of-stake, and privacy that we have painstakingly worked on and refined over the last four years will finally turn into real, live working code that you can play around in a highly mature form in some cases on testnets, and in some key cases even on the public mainnet. Everyone in the Ethereum space recognizes that the world is watching, and we are ready to deliver,” said Buterin.
But as the year progressed, the congestion and scalability issues increased and the whole Dapp ecosystem for Ethereum came to a freeze. Ethereum not only lost its market value but also a lot of Dapps with questions looming on its future.
After a yearlong struggle, now, with a solution for scaling their network along with Proof Of Stake, things seem to fell in place. These are initial steps which ultimately will cause creating Ethereum 2.0 with the ability to process up to 1 million transactions, which would send the crypto to the list of the fastest cryptos in oppose to its current ability to process around 15 Tx per second. These projects which are dubbed as Serenity and Casper are expected to bring Ethereum back in the game.
Ethereum seems to get its cards right but it will have to move things faster. Any more delays in upgrades and improvements would mean Ethereum losing more that it will be gaining.
Will Ethereum’s dev team deliver on its timelines and make Ethereum great again? Do let us know your views on the same.
The post Will Ethereum be the King of Dapps again in 2019? appeared first on Coingape.
Source: CoinGape

Bitcoin [BTC] and Bitcoin Cash [BCH] to be accepted as payment options by global technology solutions provider

Avent, a leading global technology solutions provider, announced that they would be accepting Bitcoin [BTC] and Bitcoin Cash [BCH] for their goods and services, as a mode of payment on their platform. The news comes after Switzerland’s largest e-commerce company, Digitec-Galaxus AG, announced the acceptance of Bitcoin, Ethereum [ETH], XRP and a few other altcoins for payments.
Like most platforms, Avent is enabling Bitcoin payments via BitPay, the largest Bitcoin payments service provider. Sunny Trinh, the Vice President of Demand Creation at Avent said,
“We’re working with BitPay to facilitate secure blockchain payments for all types of customers so they can focus on developing their products, not how to pay for them. Whether it’s Bitcoin or Bitcoin Cash, we can handle it”
The blog post stated that developers were “looking for flexibility,” when launching products in the market. It added that this particular announcement would give their customers “more convenient” options to complete their transactions.
The announcement further stated that when a customer chooses to check-out with Bitcoin or Bitcoin Cash as their payment option, Avent and BitPay would collaborate on verifying the funds, processing their order and completing transactions. In the future, they will also be able to enable cryptocurrency payment requests outside of the United States, on a country to country basis.
Sonny Singh, COO of BitPay said,
“As one of the largest global technology solution providers on the Fortune 500 list, Avent is truly an innovative company that listens to the needs of their customers, as demonstrated by their decision to accept bitcoin payments.”
He further stated,
“Not only is paying with bitcoin easier and faster than with credit cards and bank wires, it is less expensive and acceptance of it is growing. I predict Avent will attract many new blockchain-focused customers from around the world that want to take advantage of paying with bitcoin.”
The post Bitcoin [BTC] and Bitcoin Cash [BCH] to be accepted as payment options by global technology solutions provider appeared first on AMBCrypto.
Source: AMB Crypto

Bitcoin [BTC/USD] Price Analysis: Cryptocurrency fails to capitalize $4,000 breach as prices fluctuate negatively

Bitcoin [BTC]’s resurgence above the $4,000-mark made headlines across the cryptosphere, with many proponents of the space speculating its escape from the bear’s territory. Bitcoin’s rise has not resulted in an equal increase among other cryptocurrencies though as Ethereum [ETH], XRP and Tron [TRX] are still struggling to increase their prices as well as market cap.
1-hour:
Source: Trading View
The one-hour chart of Bitcoin displayed an uptrend which was the main reason for the price increase from $3,853.42 to $3,971.36. The short-term support was at $3,832.4, while the resistance held at $4,012.91.
The Relative Strength Index fell from the overbought zone, which meant that the buying pressure was losing the race to the selling pressure.
The amplitude of the Awesome Oscillator was comparatively lower than the earlier time period, a sign of the reduced market momentum in the Bitcoin market.
The MACD indicator showed the signal line and the MACD line meeting at the same point after a bearish crossover. The MACD histogram was almost negligible.
1-day:
Source: Trading View
Bitcoin’s one-day graph painted a picture opposite to that of the one-hour graph as the downtrend lowered the price from $6,309.50 to $4,022. The long-term support was at $3,166.52.
The Parabolic SAR was above the price candles at the time of writing, which meant that Bitcoin was still stuck in the bear’s territory.
The Chaikin Money Flow indicator was above the zero-line as the capital coming into the market was more than the capital leaving the market.
Conclusion:
The above-mentioned indicators stated that Bitcoin has not enjoyed any bullish gains after breaching the $4,000-mark. The charts also pointed at the fact that the bear’s hold on the market would continue.
The post Bitcoin [BTC/USD] Price Analysis: Cryptocurrency fails to capitalize $4,000 breach as prices fluctuate negatively appeared first on AMBCrypto.
Source: AMB Crypto

As Bitcoin (BTC) Nears Historic Bounce Levels, Could the Crypto Winter Be Coming to an End?

Bitcoin has now firmly established its position in the low-$4,000 region, which was previously a strong resistance level for the crypto. Although this current stability is certainly positive for investors, BTC has, on multiple occasions, spiraled downwards after long bouts of involatile trading.
One analyst is now pointing out that Bitcoin is approaching a historic bounce level, which could mean further gains in the near-future are imminent.
Bitcoin (BTC) Trades Sideways Above $4,000
At the time of writing Bitcoin is trading up nominally at its current price of $4,070 and is up slightly from its daily lows of $4,030. Ever since BTC pushed above $4,000 last Friday, the cryptocurrency’s upwards momentum has stalled, leading it to trade in an incredibly tight trading range around its current price levels.
In late-February, Bitcoin swiftly pushed up to $4,200 before incurring significant selling pressure that brought its price back down to $3,800, which validated $4,200 as a strong level of resistance.
Josh Rager, a popular cryptocurrency trader on Twitter, discussed the strength of the $4,200 resistance level in a recent tweet, explaining that he does not believe BTC will be able to break above it any time soon, which means to drop to $3,500 could be inevitable.
“$BTC Weekly Chart. Gandalf is holding $BTC below the mid $4,200 level. Bitcoin shall not pass the current resistance. So my target for the next drop has an aim at previous support near mid $3,500s,” he explained.

$BTC Weekly Chart
Gandalf is holding $BTC below the mid $4,200 level
Bitcoin shall not pass the current resistance
So my target for the next drop has an aim at previous support near mid $3,500s pic.twitter.com/BGUWMmAl4V
— Josh Rager (@Josh_Rager) March 20, 2019

Bitcoin Hits a Historic Bounce Level, Could a Crypto Market Surge be Imminent?
Although Bitcoin may now be pressing up against strong resistance levels, its volume is also resting at a historic bounce level, which likely means that increased volatility is right around the corner.
Crypto Thies, a popular analyst on Twitter, discussed this, noting that he expects the crypto to continue upwards, as this bounce level is typically followed by a decent price swing. Despite this, he also notes that the one factor that is going against BTC’s bulls is the lack of any sell climax so far.
“$BTC Volume MA (on bottom) is at historic bounce levels on the 1W. Volatility incoming. Confident in continuation to upside, although positioned to be fine in event of price dump. Always prepare for best and worst case. 1 bear thought I have, is a lack of sell climax thus far,” he explained.

$BTCVolume MA (on bottom) is @ historic bounce levels on the 1W. Volatility incoming.
Confident in continuation to upside, although positioned to be fine in event of price dump. Always prepare for best and worst case.
1 bear thought I have, is a lack of sell climax thus far pic.twitter.com/hmpWojyRiN
— Crypto Thies (@KingThies) March 19, 2019

Assuming that Bitcoin is able to build a greater level of buying pressure at its current prices, than there is a high likelihood that a move upwards will occur in the near future.
As the crypto markets enter the weekend, it is likely that they will see increased levels of volatility that stems from the lower-than-average trading volume.
Featured image from Shutterstock.
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Source: New feedNewsBTC.com

Bitcoin and Cryptourrency Exchanges’ Reported Trading Volumes Found Fake

Independent research conducted by TIE, developed in partnership with Social Market Analytics suggests that 59% of the exchanges have falsified their trading volume data by more than 90%.
The Research Parameters and Technique Implemented

5/
The chart below shows reported trading volumes per exchange vs. monthly web visitors. While exchanges like #Kraken, #Binance, and #Coinbase show similarities between viewership and trading volume, others like Coinbene and ZBG have suspiciously high reported volume vs. views. pic.twitter.com/7Q0jBRNj9Y
— The TIE (@TheTIEIO) March 18, 2019

The organization made a comparison between the website viewership metric and the reported trading volume on exchanges. Furthermore, when they calculated the amount of money per user in the Exchanges, they found considerable discrepancies in the records.
For Example, while Binance reported $750 traded per visit, DOBI reported a whopping $356,625
Furthermore, an average of $591 per visit was estimated on websites like Binance, Coinbase, and Bitfinex.
We selected these exchanges because of large usage among institutions, reputation within the market, and because their web viewership appeared consistent with their reported trading volumes.
This estimated formed the benchmark for test on other exchanges as well. Surprisingly, more than 75% of the Exchanges reported trading volumes double of what is expected.
The total estimated suspicious volume on the exchanges is 87%.

13/
If each exchange averaged the volume per visit of CoinbasePro, Gemini, Poloniex, Binance, and Kraken, we would expect the real trading volume among the largest 100 exchanges to equal $2.1B per day. Currently that number is being reported as $15.9B. pic.twitter.com/jZzezJMmKk
— The TIE (@TheTIEIO) March 18, 2019

Exchanges to trust
According to the report Exchange which maintained parity with the reported trading volume and expected trading volume are Binance, Bitfinex, Coinbase, Kraken, Bitstamp, Gate.io, Bittrex, Gemini Poloniex, Coindeal, and so on.
The research was conducted on over 100 exchanges. Since 75% of them were found of falsifying data, the trust and support for these exchanges are sure to grow in the future.
Exchanges not to be trusted
While Okex is currently ranked one on coinmarketcap.com‘s list of exchanges according to trade volume, the report suggests that more than 90% of the data on Okex might be suspicious. Other popular Exchanges that made the red or caution list were Bit-z, Coinbene HitBTC, bw.com, Coineal, LBank, Bibox, and so on.
Need for Regulation
The report by TIE not only brings ominous news to the crypto-community but also revisits the need for regulation of Exchanges. While the largest economies of the world have cracked down on some cryptocurrency based platforms, some exchanges continue to gain limelight by falsifying volume data; an unethical practice.
A revelation of this kind can hurt the price of Bitcoin and other cryptocurrencies adversely. However, the unreported volumes of OTC trade around the world buffer the effect of false amounts reported on Exchanges.
The post Bitcoin and Cryptourrency Exchanges’ Reported Trading Volumes Found Fake appeared first on Coingape.
Source: CoinGape

Bitmain’s latest Antminer Z11 sold out in 20 minutes; Norway branch shuts down following revoke of electricity subsidies

Bitcoin mining behemoth Bitmain’s latest Z11 miner roll-out was reportedly sold out within 20 minutes after the pre-selling phase on its official website. Bitmain unveiled a new version of its Antminer Z series machines to mine Equihash-powered Proof-of-Work coins like Zcash on March 19.
Dubbed as the Antminer Z11, the new release claims to pack three times more hashing power than its precursor Z9. In a blog post, the exchange claimed,
“It is by far the leading model by performance to mine such cryptocurrencies.”
According to the Beijing-based mining giant, the latest miner offers a hashing power of 135 KSol/s and is three times more powerful than the Antminer Z9, which was released in May 2018. The post further claims that the miner saves up to 60% of electricity cost as compared to its predecessor Z9.
Antminer Z11, which uses Bitmain’s latest proprietary 12 nm chip, is equipped with a newly designed internal circuit structure with a power-efficiency of 10.50 J/KSol. Another feature that the latest version of Antiminer boasts of is ‘light’ weight, which stands at 5.4 kg despite its massive hashing capability.
Antminer Z11 will initiate the shipping process shortly, the blog confirmed.
The previous Z9 was launched at a time when the ZCash community voted against prioritizing research efforts to discourage the use of ASIC mining equipment. Talking about the huge turnout against gearing toward ASIC-resistance, Andrew Miller, the president of the Zcash Foundation, said,
“This is a fairly strong signal of disagreement. My interpretation of this is that we’re not going to make any hasty decisions like diverting all of the Zcash Foundation resources to promoting ASIC resistance.”
Earlier, Bitmain had been notoriously secretive about its operations but has now claimed to provide more transparency to the Zcash market. The blog stated,
“These commitments to transparency will continue to provide the Zcash foundation and community with the security, reliability and accessibility they desire of manufacturers.”
The world’s largest producer for ASIC machinery, Bitmain, has been surrounded with reports of facing a huge loss of approximately $500 million in Q3 last year. Also, the company was reportedly selling their old generation S15 miners at around 30% below their actual value. Samson Mow, the CSO at Blockstream, who also happens to be a Bitmain critic, had earlier tweeted that the exchange’s financials were weak.
Bitmain’s revenue and its userbase fell sharply during the beginning of the crypto winter in 2018 in a colossal difference as pictured during the 2017 bull phase when Bitmain recorded a remarkable profit with its annual profit ranging between $3 to $4 billion.
The post Bitmain’s latest Antminer Z11 sold out in 20 minutes; Norway branch shuts down following revoke of electricity subsidies appeared first on AMBCrypto.
Source: AMB Crypto

Mayor of Chicago: Facing Financial Crisis, Crypto Adoption is Inevitable

According to a report in Forbes, Rahm Emanuel, the Mayor of the City of Chicago, has stated that he sees crypto adoption as inevitable. He bases his outlook on the growing appeal of Bitcoin and other digital assets in an increasingly unstable geopolitical world.
Emanuel posited that financial crises, like that currently being experienced in Venezuela, would eventually force people to opt out of fiat currency just to survive.
He’s “Gotta Learn About It” But Emanuel is Refreshingly Grounded When it Comes to Crypto
The Mayor of Chicago gave his outlook on crypto during a meeting held to debate the city’s growing fintech industry on March 18. In response to a question from the audience, he stated that he felt cryptocurrency adoption was an inevitability, however, a timeline for such a great shift from current monetary norms would be anybody’s guess.
After admitting that he really was not an expert on the field, the mayor stated:
“Nation states are falling apart or receding. City states are emerging, so the political structures we all grew up under are changing. One day, somebody’s going to figure out – whether that’s Argentina, ten years from now, five years from now – how to use cryptocurrencies to stay alive when their facing a financial crisis, and then you’re going to find out that this moment has arrived.”
Although lacking explicitness in his response, Emanuel appears to be alluding to Bitcoin and other cryptocurrencies giving populations a means to “opt-out” of a national economy. Those living in nations where governments mismanage finance to such a degree that inflation spirals out of control – Zimbabwe, Venezuela, and Turkey, in recent years – can elect to store their wealth in digital assets, the value of which is not correlated to any entity, government or otherwise. Although wildly volatile, Bitcoin has proved more stable over short periods than numerous national currencies numerous times over its ten year existence.
In economies suffering hyperinflation, huge stacks of cash are worth next to nothing.
Another audience member later asked Emanuel about his overall thoughts about the crypto asset and blockchain space. Again, the mayor reiterated that the industry was not his forte but added:
“The trend lines are affirmative for its future. I don’t know if that’s ten years, and I don’t know if that’s 20 years, but it’s affirmative. I don’t know what it is. I know it’s an alternative way to trade, and therefore, I gotta learn about it, and I gotta be honest, as mayor, it’s not the top 100 things I would have to learn about.”
Chicago the Crypto Hub?
With its history steeped in finance, a crypto-curious mayor, and a hive of high profile companies, including Coinbase offices, setting up shop there, Chicago is fast becoming a cryptocurrency hot spot in the US. Recently, the city also received an additional 30 Bitcoin ATMs taking the total number of units in the city centre up to a relatively impressive 184 according to CoinATMRadar.
Until recently, the city also hosted two of the most over-hyped but high-profile Bitcoin trading products – BTC futures contracts were offered by both the Chicago Board Options Exchange and the CME Group. However, following the recent announcement that the CBOE was halting Bitcoin futures for an undisclosed period of time, that number has fallen to one.
 
Related Reading: Why Bitcoin Market May Be Better Without CBOE Futures Contracts
Featured Image from Shutterstock.
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Bitcoin (BTC): When To Expect The Next Big Crash

Bitcoin (BTC) bears are eagerly waiting of the price to fall again but the daily chart for BTCUSDShorts is telling us a different story. Even though BTC/USD is overbought on the daily and weekly time frames, it does not mean that the price cannot rise further especially when the number of margined shorts is this high. BTCUSDShorts has been rising steadily over the past few weeks as a growing number of bears expect the price to fall sometime soon. However, most of them are going to be in for a big surprise when the price does the exact opposite of what the majority expects it to do. This is not something new and it has happened over and over again. However, most traders are too biased and too impatient to realize this.
The daily chart for BTCUSDShorts alone shows us exactly what is going on and how it is going to end. We do not need to look at the BTC/USD chart or any volatility or market cap charts to figure out what is going to happen next. The majority is always wrong which is why it always loses money. Only a small fraction of disciplined and patient traders that do not have any concern for emotions, make consistent profits in this market. The number of margined shorts has topped out which means they are going to decline in the days ahead. Now, BTCUSDShorts is not going to decline because the bears will realize that they have overplayed their hands so they will start closing their positions. No, this is not how it works most of the time. Bitcoin (BTC) bears are known to be stubborn traders so most of the time they have to be knocked out of their positions.

The majority of the margined shorts that we see on the daily chart for BTCUSDShorts were opened last week. This goes on to show how impatient the majority of retail traders are. Considering that most of them opened their shorts last week, they are now anxiously waiting for the price to decline. Now, if the whales are looking at this chart for BTCUSDShorts which I assure you, they are, they are thinking only one thing and that is how to topple this house of cards. The easy way to do that is to pump the price slightly to the upside which would hit some overly aggressive margined shorts that will translate in a subsequent move to the upside which will scare some more bears which will in turn trigger some panic selling and the whole thing would collapse in no time.
If we look at the daily chart for BTC/USD and compare it to the daily chart for BTCUSDShorts to analyze the relationship between the two, we can see that every single time that BTCUSDShorts has topped out, we have seen a strong rally in BTC/USD in the days ahead when the number of shorts starts to decline. There is no reason to believe the same is not going to happen this time because markets are moved by simple supply and demand no matter how much we overcomplicate things. The price of Bitcoin (BTC) is clearly overbought short term but that does not mean that it has topped out. As we can see, the price is very likely to shoot up towards the 38.2% Fib retracement level to complete the bear flag. This move will most likely be a quick one and it will be paid for by the bears.
Source: Crypto Daily

Nasdaq, Bloomberg and Reuters Add CoinMarketCap Crypto Indices

Coinspeaker
Nasdaq, Bloomberg and Reuters Add CoinMarketCap Crypto Indices
Two CoinMarketCap’s crypto benchmark indices have been launched on its platform as well as on the leading financial data feeds.
Nasdaq, Bloomberg and Reuters Add CoinMarketCap Crypto Indices

Continue reading at Coinspeaker
Source: CoinSpeaker

BTC-e main accused Alexander Vinnik continues hunger strike as maximum term time is exceeded

The world of cryptocurrencies has seen several positives in terms of developments and updates, but it has also witnessed a startling number of people taking advantage of its anonymity and decentralization. One of the prime examples of such frauds was BTC-e and its founder Alexander Vinnik, who was arrested in connection with a $4 billion money laundering scandal.
As per latest reports, Vinnik, who started a hunger strike in protest of the continued delay in court decisions, has reached the 88th day of his strike. According to reports, Vinnik already exceeded the maximum term in such legal cases with no impending court decisions on the way. Speaking to RT, Vinnik said:
“Yes, I am in pain, my body hurts and my soul hurts. I have to be very disciplined here and cannot shout or curse at the guards in Greek.”
Vinnik has been in custody for 19 months now and many say that he should have been released after 18 months barring a court decision that never came. Vinnik’s lawyer stated:
“Vinnik is not supposed to be in jail right now. Many businessmen used the exchange to sidestep legal authorities and many of the charges on him were not illegal at the time of Vinnik’s arrest.”
Last year, many countries requested the Greek government for his extradition as France and Russia clamored for it the most. Vinnik was arrested in 2017 while he was vacationing in Greece with 21 criminal charges leveled against him. Brian Stretch, the US prosecutor during the trial stated:
“Cryptocurrencies such as Bitcoin provide people around the world new and innovative ways of engaging in legitimate commerce. As this case demonstrates, however, just as new computer technologies continue to change the way we engage each other and experience the world, so too will criminals subvert these new technologies to serve their own nefarious purposes.”
The post BTC-e main accused Alexander Vinnik continues hunger strike as maximum term time is exceeded appeared first on AMBCrypto.
Source: AMB Crypto

JPMorgan Executives Flip Bullish on Crypto After JPM Coin Release

It’s no secret that the executives sitting at the top of JPMorgan Chase – one of the largest banks in the world – are not the biggest fans of Bitcoin and other similar cryptocurrencies.
Although the bank’s distain towards the nascent technology initially appeared to be genuine – and possibly rooted in fear – it now appears that they are, in fact, bullish on the tech – as long as they are the ones controlling it.
JPMorgan Executive: Crypto Innovators Still Have to Use Traditional Banks
Although one selling point of decentralized cryptocurrencies is that they allow individuals to side-step the traditional banking system, and therefore avoid the sheer amount of inefficiency and cost that can be associated with traditional financial systems, one JPMorgan executive is quick to point out that crypto companies still have to use traditional banks.
In a recent interview with CNBC’s Squawk Box, Ron Karpovich, the Global Head of eCommerce Solutions at JPMorgan Chase, explained that the traditional banking system is so intertwined with the world presently that there is no true way around avoiding it, further adding that payments are not the most profitable industry.
“Ultimately behind the scenes, they [crypto companies] are going to have to use a bank to move funds. There’s more partnership instead of competition in that space… When it comes to margins and capabilities, payments is never something that grows in margin, nobody wants to pay for a payment…so you need highly efficient and large players,” he explained, further affirming the imperative role that big banks play in payments.
Furthermore, while responding to a question regarding how far the ecommerce industry is from using crypto to facilitate payments, Karpovich explained that he believes blockchain – the technology that underpins cryptocurrencies – will be used to facilitate payments behind the scenes, but that it won’t have a huge impact on consumers.
“I think ultimately you’ll find that the technology behind the scenes will be blockchain, I don’t know that you’ll notice anything as a consumer in that space. I think that you’ll still continue to use the payment type that you prefer, be that a wallet, a card, or a bank account,” he noted, adding that the consumer impact will be cheaper fees and slightly quicker transactions.
What Caused JPMorgan to Flip Bullish on Crypto?
The recent news regarding the bank’s foray into the crypto industry with the introduction of their JPM Coin was quite surprising to the crypto community, as Jamie Dimon, the CEO of the bank, is notoriously anti-crypto.
One of the show’s hosts asked Karpovich about his bosses’ anti- crypto sentiment, to which he responded claiming that there is a difference between utilizing blockchain and speculating on cryptocurrencies.
“There’s a difference between trading a cryptocurrency that’s in the market that’s ubiquitous, versus using the technology to enhance your payment infrastructure,” he explained, avoiding directly confronting Dimon’s previous comments about crypto.
Although large financial institutions entering the industry is not surprising to many crypto advocates, it is symbolic of a bigger movement of financial institutions recognizing the potential benefits that digital currencies could ultimately have on the existing financial system.
Featured image from Shutterstock.
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Bitcoin’s hash rate records 4-month high as confidence in BTC mining grows

Bitcoin’s [BTC] growth received a major boost, after its hash rate recorded its highest level in 4 months, on 19 March.
According to data released by Blockchain.com, Bitcoin’s hash rate data surged to 52 quintillion hashes per second. The hash rate last reached similar levels in November, when the hash rate crossed the 54 quintillion mark. The highest hash rate ever recorded was around 62 quintillion hashes per second, in August 2018.
Bitcoin Hash Rate graph | Source: Blockchain
Bitcoin mining is an important aspect of the token’s crypto ecosystem, and Bitcoin’s hash rate is the computation of Bitcoin miners’ performances. The hash rate measures the performance and efficiency of miners who secure the crypto network. Higher the hash rate, more the number of resources required to successfully mine Bitcoin.
Hash rate is a crucial indication of the mining community’s sentiment. Rising hash rate implies that there is a build up of confidence in the miner’s minds, indicating a more secured Bitcoin network.
Rising hash rate also indicates that more and more miners are joining the network. The present rise in Bitcoin’s hash rate suggests a completely different story than the one last year, when a lot of miners quit the coin’s mining network.
During last year’s bearish run, the hash rate suffered incredibly, leading to many miners shutting down their mining rigs. The miners who quit the network were found selling their mining equipment at throwaway prices, following the falling profits of the mining industry.
Matt Odell, a Bitcoin entrepreneur had this to say,
“That’s the beauty of the difficulty adjustment. Every miner that is turned off increases the profitability of remaining miners.”
The post Bitcoin’s hash rate records 4-month high as confidence in BTC mining grows appeared first on AMBCrypto.
Source: AMB Crypto