Every Monday morning, the crypto markets are a bit sluggish. But it is alright. Bitcoin (BTC) has only dropped 1.65% but maintained levels above $8,000. BTC is currently trading at $8,070. Ethereum (ETH) is still stable at $511 and Ripple (XRP) doing well at $0.655. Litecoin (LTC) seams to have found a footing above $120 and is currently trading at $127.
On April 12, major pump by a Bitcoin handles all the market action by themselves. Bitcoin did a cool $1,000 gain in less than an hour and left many traders speechless and excited. Another possible reason for the pump is the current advice by a leading Islamic Scholar who stated that bitcoin was acceptable under Sharia Law. After that, it opened up Crypto trading to an estimated 1.6 Billion Muslims around the world. Perhaps, as soon as they heard about the news was released, they rushed in to buy. It is with such momentum that one can muse that the final endorsement of Bitcoin (BTC) and cryptocurrencies in general, might come from the President and CEO of J.P Morgan and Chase, Jamie Dimon. Mr. Dimon was initially a tough critic of Bitcoin but he would have regret calling it a fraud. This was back in early January.
Cryptocurrencies have taken mainstream investing by storm with a few notable turnarounds by former Bitcoin critics like Jamie Dimon. Shark Tank Investor and Dallas Mavericks owner, Mark Cuban is the first to change their mind.He was later followed by billionaire investor, George Soros. His approval for crypto investing was not direct for his investment fund management firm. So, he decided to gave it a short to invest in Crypto.
It is with such a proof that an endorsement make by Jamie Dimon – whether directly or indirectly like in the case of George Soros – would be one crucial step to regulate cryptocurrencies 100% as profitable alternative sources of investment. The event would be outstanding the others in the sense that J.P Morgan Chase is the biggest bank in the United States of America with a similar reach across the globe.
However, the bank has been charged with raising the fees for cryptocurrency purchases by traders in America who used their credit cards to do so. According to customers, the bank was treating crypto purchases as cash advances.