JPMorgan CEO Jamie Dimon mentioned Bitcoin in an interview with CBS News on January 12, expressing his pessimism about the cryptocurrency.
Dimon recognized that some sort of digital money would emerge in the future, but he remained wary of Bitcoin in particular.
Jamie Dimon doubles down on Bitcoin criticism
Jamie Dimon claimed that Bitcoin has no fundamental value and is frequently used for criminal purposes like as money laundering, sex trafficking, and ransomware attacks.
Dimon made it plain that he is not opposed to the whole notion of cryptocurrency. However, he expressed reservations about Bitcoin’s validity and potential for abuse.
“We are going to have some kind of digital currency at some point. I’m not against crypto. You know, Bitcoin itself has no intrinsic value. It’s used heavily by sex traffickers, money launderers, ransomware,” Jamie Dimon said in the interview.
He compared Bitcoin to smoking, saying that while individuals have the freedom to purchase and trade it, he does not consider it a healthy investment or activity.
“I just don’t feel great about Bitcoin. I applaud your ability to wanna buy or sell it. Just like I think you have the right to smoke, but I don’t think you should smoke,” Dimon added.
This is not the first time Jamie Dimon has criticized Bitcoin. He has previously described it as a “Ponzi scheme” and a “pet rock” having no genuine worth.
Nonetheless, Dimon has always been a major advocate for blockchain technology. He has acknowledged its possibility to revolutionize money and data transfers, highlighting its efficiency and prospective applications.
“Blockchain is real. It’s a technology. We use it. It’s going to move money. It’s going to move data. It’s efficient. We’ve been talking about that for 12 years,” Dimon said.
Despite Dimon’s unfavorable position on Bitcoin, JPMorgan has been active in the cryptocurrency area. The financial behemoth now maintains a sizable holding in Bitcoin ETFs, indicating the company’s interest in digital assets. JPMorgan’s purchases in cryptocurrency ETFs indicate that the firm understands the potential of digital assets.
Dimon’s remarks reflect a wider discussion in traditional finance regarding the legitimacy and hazards connected with cryptocurrencies. While some people praise Bitcoin, others, like as Dimon, continue to question its long-term usefulness and potential for abuse.
Interestingly, Donald Trump stated in July of last year that Jamie Dimon had modified his previous strong attitude on Bitcoin. Trump also endorsed Dimon for Treasury Secretary.
“Jamie Dimon was, you know, very negative and now all of a sudden he’s changed his tune a little bit,” Trump said.
Despite Trump’s allegation that Dimon’s views on Bitcoin have shifted, his most recent statements show that he remains dismissive of the cryptocurrency.
Ethereum whales dump with major losses, ETH price drop ahead?
Ethereum Whale Books $1 million loses following recent market fall as ETH fails to break through key barrier levels.
Ethereum whales have continued to sell ETH as the price fails to break through $3,500 to establish the next stage of the rise. Furthermore, investors are being wary as ETH supply reaches pre-Ethereum Merge levels. Along with Bitcoin, ETH continues to display weakness, with additional price declines expected.
Ethereum whale books over $1M loss
In a noteworthy move, Ethereum whales have began selling their holdings for a loss. Nine hours ago, three wallets, apparently managed by the same organization, traded 10,070 ETH for 33 million DAI at an average price of $3,280 per ETH, resulting in a $1 million loss.
According to blockchain data from LookOnChain, this whale withdrew a total of 24,029 ETH, worth $81.3 million, from crypto exchange Binance three weeks ago using ten freshly formed wallets. However, as of now, the whale has a total of 13,959 ETH, worth $45.48 million, spread throughout all these wallets.
Additionally, Tron founder Justin Sun deposited $320.4 million in Ethereum to crypto exchange HTX in the previous 13 hours, according to Spot On Chain statistics. Since November 10, 2024, Sun has deposited 323,591 ETH worth $1.124 billion to HTX, with an average of $3,472. The majority of these ETH were gathered at $3,036 throughout the first half of 2024.
ETH supply reaches pre-merge levels
According to popular cryptocurrency expert Benjamin Cowen, the Ethereum supply is expected to return to pre-merge levels in the next weeks. Currently, the Ethereum supply is at 45K ETH per month and is just 32K ETF away from pre-merger values.
While demand for ETH initially increased after rate reduction began, it has subsequently remained modest. As a result, Ethereum’s supply has been increasing for the past ten months, reversing the deflationary tendencies that were predicted following the merger.
ETH price action moving ahead?
Ethereum’s price is now under pressure, having dropped another 2.6% in the previous 24 hours. It trades at $3,186.04 and has a market capitalization of $383 billion. Popular cryptocurrency expert Ali Martinez stated that Ethereum’s (ETH) most crucial resistance zone is between $3,360 and $3,450.
On the downside, major support levels for the ETH price have been found between $3,066 and $3,160, giving valuable benchmarks for traders navigating the market.
Despite the large Ethereum selloff by whales, crypto market professionals remain positive on Ethereum into 2025. Altcoin Sherpa, a prominent crypto analyst, thinks that the ETH price may be following a predictable market cycle pattern. The analyst identifies three important stages:
- Red Zone: Indicates liquidations.
- Yellow Zone: This represents a sharp “V-shaped” recovery, though it ultimately results in a lower high on lower timeframes (LTF).
- Yellow Circle: Marks a retest of previous lows, followed by a potential upward trend.
Market experts have already forecast that Ethereum would exceed $10,000 by mid-2025. However, with a drop in Ethereum whale selloffs, general sentiment must turn optimistic.
Pepe coin whales on massive buying spree, price uptick ahead?
Following last week’s selloff, Pepe coin whales collected almost 400 billion tokens. The PEPE meme coin community predicts a price increase.
Whales are acquiring Pepe Coin in large numbers, with major withdrawals and purchases occurring in the previous 24 hours. This has fueled expectations for a positive PEPE price rebound despite significant falls in the frog-themed meme coin. This comes days after a whale put billions of tokens onto the market.
PEPE whales are buying the dip
According to Spot On Chain statistics, two PEPE coin whales, with wallets Ox8f5 and Oxb1a, have acquired 280 billion and 200.4 billion PEPE coins. However, there is a variation in how they accumulate the token. Ox8f5, a PEPE currency whale, withdrew around $5 million from Binance.
In contrast, whale Oxb1a purchased the stocks for 3.72 million USDC. Interestingly, whale Ox8f5 has lost about $1.45 million on the coin in the past.
Whales are buying the dips since the coin has plummeted dramatically. Whatever the goal, the community is now hopeful that a PEPE price spike is on the way, with whales responding quickly to accumulate the token while it is undervalued on the price charts.
Current effect on PEPE price
Both PEPE coin whales are acquiring billions of the frog-themed meme coin, which has had minimal influence on the PEPE pricing at this time.
PEPE’s price has dropped by 3.59% in the last 24 hours and is currently trading at $0.00001724. PEPE has also dropped by 17.93% in a week and 28.97% over the previous month.
Meanwhile, open interest and 24-hour trading volume have increased by 0.41% and 16.53 percent, respectively. According to CoinCodex, current attitude towards PEPE is negative, with a FGI of 62 points and volatility of about 10.13%.
CoinGape study predicts that PEPE coin will climb next, but it is also essential to know that the crypto market is quite volatile, and values may move in any way depending on a variety of variables.
Recent PEPE coin whale activity
A prior PEPE currency whale activity was observed last week, with the whale dumping 85 billion coins. According to the study, PEPE coins were dumped into the market for an estimated value of 1.51 million USDC.
This fueled concern that additional selloffs will occur, but whales are currently buying the dip. This might contribute to good rising momentum if the larger cryptocurrency market rebounds.
