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JPMorgan develops its own virtual currency


  • J.P. Morgan develops a virtual currency
  • HSBC’s executive says a blockchain-based system reduced FX trading costs by 25%
  • Baidu launches a blockchain platform for dApps

Friday has started in mixed moods looking at major cryptocurrencies. The three largest cryptocurrencies - Bitcoin, Ethereum, and Ripple - have experienced some gains, but their scale could be described as moderate. According to CoinMarketCap, the capitalization of the whole crypto market stands a notch below the $121 billion mark whereas the market capitalization of altcoins sits at the $57 billion handle on Friday afternoon.

Bitcoin (BITCOIN on xStation5) has been trading in a modest downtrend for the past few days. If the situation is to continue one cannot rule out a test of the $3500 handle in the days to come. Source: xStation5

J.P. Morgan develops its own crypto

J.P. Morgan, the major US-based bank, develops its own virtual currency, as CNBC reports. A coin created by J.P. Morgan is the first cryptocurrency developed by a major US bank. The cryptocurrency dubbed “JPM Coin” has been created by the Bank’s engineers, and it is aimed to settle wholesale payments of its customers. Initially, only a small part of transactions will be transmitted using the new coin. However, the information about the JPMorgan’s coin could be perceived as a giant step in adoption of cryptos. Let us remind that Jamie Dimon, who is the CEO of JPMorgan, criticized Bitcoin in the past, but he saw some potential of blockchain technology.

Ethereum (ETHEREUM) has been trading rather flat in the past few days. The coin plunged to the 33-period moving average on the H4 interval earlier today but managed to recoup losses later on. Source: xStation5

HSBC’s executive says blockchain-based system reduced forex trading costs by 25%

HSBC, the major London-based bank, reduced forex trading costs by 25% thanks to its blockchain-powered platform called the HSBC FX Everywhere, as the HSBC’s executive said to Reuters. Mark Williamson, the COO of FX cash trading and risk management, stated that HSBC processes from 3,500 to 5,000 trades a day using the mentioned system, and settled transactions are worth $350 billion. Let us recall that HSBC announced last month that it settled transactions worth over a quarter of trillion of US dollars using the HSBC FX Everywhere.

Ripple (RIPPLE On xStation5) is trading within a wedge pattern. In absence of any bigger price impulse the coin may keep trading in a narrowing range until the end of a month. Source: xStation5

Baidu launches blockchain platform for decentralized apps

The Chinese tech company Baidu launched its blockchain platform for dApps (ie. decentralized apps). As Baidu Cloud announced on Thursday, the Baidu Blockchain Engine (BBE) is aimed to facilitate developing decentralized apps. The BBE is hosted on Baidu’s cloud platform, and it may be described as some kind of system improving the process of creating such type apps. Moreover, the number of available tools on the Baidu’s platform may reduce time needed to develop decentralized apps.

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Chart of the day- Copper (16.08.2022)