JPMorgan goes on to say that replacing the instantaneous network for processing dollar deposits and withdrawals will be a difficult task. Hence, the implosion of Silvergate is a significant blow to the cryptocurrency industry, which relies heavily on fast, efficient payment processing networks.
The bank also highlights the reversal in the CME futures spread, which is indicative of a deterioration in demand. This could be interpreted as a signal that investors are less confident in the future of cryptocurrency. As reported by U.Today, the bank predicted that Bitcoin could plunge all the way to $13,000 in November.
jpmorgan I Remain Negative on JP Morgan. Bunch of criminals.
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