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JP Morgan’s Global Head of E-Commerce elucidates on the difference between crypto and blockchain

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JP Morgan's Global Head of E-Commerce says that there is a difference between crypto and blockchain
Source: Pixabay

Ron Karpovich, the Global Head of e-commerce at JP Morgan, said that blockchain technology could enhance existing payment channels.

In a recent interview with CNBC, Karpovich pointed out that there is a difference between trading an existing digital asset and using its core technology to enhance the payment infrastructures by executing payment settlements efficiently at a cheaper rate.

He also added that the payment system deployed by leveraging blockchain tech would not be visible to consumers who will just have to choose a preferred payment mode. Only the end result of cheaper and instant settlements would be experienced by the users, he said.

While the crypto community vouches for a payment system that is secure, fast, cost-effective, and decentralized, with no third-party interventions, Karpovich is of the opinion that ultimately, for any payment to settle, a banking establishment is important. JP Morgan’s anti-crypto rhetoric in the past and its foray into the market with its own coin is something worth noticing.



JPM Coin, which is currently reserved for institutional clients is a product of JP Morgan. The financial behemoth has historically been one of the biggest critics of Bitcoin. The company had previously published reports on the cryptocurrency market in general, with its analysts stating that Bitcoin might be effective in a dystopian future.

Jamie Dimon, the CEO of JP Morgan, previously called Bitcoin a fraud. Apologizing for the same earlier this year, he stated that he believed in the underlying technology. He said,

“I didn’t want to be the spokesman against Bitcoin. I don’t really give a sh*t, that’s the point. Blockchain is real, it’s technology, but Bitcoin is not the same as a fiat currency.”





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Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.

Bitcoin

Bitcoin [BTC] surges above $5,500 and breaks major resistance level; collective market rises

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Bitcoin [BTC] surges above $5,500 breaking major resistance level; collective market surges
Source: Pixabay

Bitcoin [BTC] broke out of its sideways trend that saw coins fall after a brilliant start to April. This “break-out” is especially significant since it came days after the coin was trading sluggishly, pulling the market cap below $175 billion.

After breaking the $5,200 level on April 16, the coin held steady, showing no noticeable dips. However, it also began losing the momentum it had gained when it rose by 15 percent on April 2. Many saw the past week as Bitcoin losing steam, opining that a drop to as low as $4,000 would manifest. This pessimism coupled with the delisting dilemma saw the global market decline by 3.31 percent over the past weekend.

Given this backdrop, the present Bitcoin price incline was even more bullish for the collective market. Further, this was not just an effort to shrug off “sideways bears,” but instead, two key levels were broken in order to usher a collective market rise and sustain BTC bullishness.

Source: Trading View

RESISTANCE

The first, as indicated by eToro’s senior market analyst Mati Greenspan, was the resistance level of $5,350. When Bitcoin began to consolidate following the early April high, Greenspan stated that if the BTC price were to punch above the aforementioned level, it “would likely serve as confirmation that we’re pushing higher and will lead to further buying pressure.”

Greenspan stated that the $5,350 level acted as a major support level throughout 2018. Hence, it is incredibly important that Bitcoin surge above it in the next rise to consolidate buying pressure. Another important point to signal the coming of a bullish market was the 200-day moving average which Bitcoin has stayed above since the April 2 rally.

PSYCHOLOGY

The other significant level for the collective market is Bitcoin’s ascendance over $5,500, which it managed courtesy of this rally. Many, including Greenspan, pegged $5,000 as a key psychological level for the coin and hence, the rise above $5,500 less than three weeks after $5,000 was broken will bring back optimism to the BTC market.



Further, as was seen in the April 2 rise, the Bitcoin pump resulted in the king coin increasing its market dominance. At the close of March, Bitcoin was edging closer to losing the majority. However, the rally saw its share increase to 52.4 percent within a day. Following this recent 4.61 percent increase against the US Dollar, the king coin’s dominance increased to 53.2 percent.

Given the elasticity of the collective market to changes in Bitcoin’s price, the market was awash in green as Bitcoin broke the resistance and psychological levels. Amid this bullish charge, some coins stood out for their above-average gains, which included Bitcoin Cash [BCH], Cardano [ADA], EOS [EOS], Litecoin [LTC], and the exchange-ousted Bitcoin SV [BSV].





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