JPMorgan Chase

‘If I was the government, I’d close it down’ — JPMorgan CEO on crypto

Jamie Dimon has previously referred to cryptocurrencies as “decentralized Ponzi schemes” and Bitcoin as a “fraud.”

JPMorgan Chase chair and CEO Jamie Dimon told several United States lawmakers that if he had the authority in government, he would try to shut down crypto.

In a Dec. 6 hearing of the Senate Banking Committee on oversight of Wall Street firms, Dimon responded to questioning from Massachusetts Senator Elizabeth Warren, who claimed North Korea had funded much of its missile program using “proceeds of crypto crime” in addition to funding Hamas. The JPMorgan Chase CEO said he had “always been deeply opposed to crypto” and associated digital assets with “criminals” and “drug traffickers” in addition to tax avoidance.

“If I was the government, I’d close it down,” said Dimon.

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Bitcoin market cap grows 60% in 2023 as top Wall Street banks lose $100B

Bitcoin has decoupled from stocks and continues to rise 10 years after the Cyprus banking crisis coincided with a BTC price boom.

The market capitalization of Bitcoin (BTC) has added $194 billion in 2023. Its 66% year-to-date (YTD) growth vastly outperforms top Wall Street bank stocks, particularly as fears of a global banking crisis are rising.

BTC market cap daily performance chart. Source: TradingView

Moreover, Bitcoin has decoupled from United States stocks for the first time in a year, with its price rising about 65% versus S&P 500’s 2.5% gains and Nasdaq’s 15% decline in 2023. 

SPX and NDAQ YTD performance vs. BTC/USD. Source: TradingView 

Wall Street banks lose $100B in 2023

The six largest U.S. banks — JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Morgan Stanley and Goldman Sachs — have lost nearly $100 billion in market valuation since the year’s start, according to data gathered by CompaniesMarketCap.com.

Bank of America’s stock is the worst performer among the Wall Street banking players, with a nearly 17% YTD drop in valuation. Goldman Sachs trails with an almost 12% YTD decrease, followed by Wells Fargo (9.74%), JPMorgan Chase (6.59%), Citi (3.62%) and Morgan Stanley (0.84%).

Wall Street banks YTD performance. Source: TradingView

U.S. bank valuations have slid amid the ongoing U.S. regional banking collapse. That includes the announcement last week that Silvergate, a crypto-friendly bank, was closing its doors, followed by regulators’ subsequent takeover of Signature Bank and Silicon Valley Bank.

Related: Breaking: SVB Financial Group files for Chapter 11 bankruptcy

The crisis further expanded with the near-collapse of First Republic Bank, which was saved at the last moment through a $30 billion combined injection by Wells Fargo, JPMorgan Chase, Bank of America and Citigroup — among others.

Cyprus and Greece deja vu?

The rise of Bitcoin in the face of a growing U.S. banking crisis is similar to how it reacted during banking collapses in Cyprus and Greece.

BTC’s price grew by up to 5,000% amid the Cyprus financial crisis in 2013, prompted by the exposure of Cypriot banks to overleveraged regional real-estate companies.

BTC/USD performance during Cyprus banking crisis. Source: TradingView

The situation was so dire in March 2013 that Cyprus authorities closed all banks to avoid a bank run.

When Greece faced a similar crisis in 2015 and imposed capital controls on citizens to avoid a bank run, Bitcoin’s price gained 150%. 

BTC/USD performance during the Greece banking crisis. Source: TradingView

“Fears over the stability of the banking system, along with declining real interest rates, creates a good environment for Bitcoin to rebound,” commented Ilan Solot, co-head of digital assets at London broker Marex, adding that the crypto “is seen by some investors as a hedge against systemic risks.“ 

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Gemini’s banking relationship with JPMorgan ‘remains intact’

In a brief and straightforward message, crypto exchange Gemini denied rumors, saying its banking relationship with JPMorgan remains intact.

Crypto exchange Gemini took to Twitter on March 8 to deny rumors about its banking relationship with United States financial conglomerate JPMorgan being terminated. In a brief and straightforward message, Gemini stated that “despite reporting to the contrary, Gemini’s banking relationship remains intact with JPMorgan.”

The comments came in response to a previous report that claimed without naming a source that the banking ties between the two companies were ending.

The rumors surfaced amid uncertainty about the future relationship between the banking system and the crypto industry in the United States, as regulatory pressure and market outflows after the dramatic collapse of crypto exchange FTX keep driving banks to reduce their exposure to cryptocurrency assets.

Among the most recent examples is  Silvergate Bank. On March 3, the crypto bank disclosed plans to discontinue its digital assets’ payment network, claiming the termination was a “risk-based decision.” Concerns that a liquidity crisis could lead to a bankruptcy filing increased last week after Silvergate postponed filing its annual 10-K financial report.

Related: Banks under pressure from U.S. authorities to cut ties with crypto firms

Silvergate reportedly borrowed $3.6 billion from the U.S. Federal Home Loan Banks System (FHLB) to mitigate a surge in withdrawals. The FHLB is a consortium of 11 regional banks across the United States that provide funds to other banks and lenders.

Another bank making a move away from crypto is Signature Bank. In December, it announced plans to reduce crypto services, return funds to customers and close crypto-related accounts. The bank also borrowed nearly $10 billion from the FHLB system in the last quarter of 2022 due to liquidity issues related to the bear market and FTX’s bankruptcy.

Banks’ moves are impacting crypto firms. In February, Binance announced it would temporarily suspend bank transfers of U.S. dollars. A few weeks earlier, in January, the exchange said its SWIFT transfer partner, Signature Bank, would only process trades by users with U.S. dollar bank accounts over $100,000.

JPMorgan sees advantages in deposit tokens over stablecoins for commercial bank blockchains

Research from JPMorgan Chase explores the potential of deposit tokens as a stabilizing force in the digital money landscape.

JPMorgan Chase and consultants Oliver Wyman took a look at blockchain technology in commercial banking in a report released Feb. 9. Stablecoins and central bank digital currencies (CBDCs) have dominated in the sphere so far, but the authors point out the advantages offered by deposit coins in terms of stability and reliability.

Deposit tokens are issued on a blockchain by a depository institution to represent a deposit claim. This contrasts with stablecoins, commonly issued by a non-bank private entity, and CBDCs. This difference in the issuer is a key advantage:

“Given that deposit tokens are commercial bank money embodied in a new technical form, they sit comfortably as part of the banking ecosystem, subject to regulation and supervision applicable to commercial banks today.”

The report’s authors point out that regulation contributes to trust, reduces the risk of a run on deposit tokens and assures reliability.

Stablecoins compare poorly in this regard due to the lack of standards for reserves and lack of clarity around redemption rights. In addition, there is a risk of contagion in the event of a run on a stablecoin, while deposit coins, as “extensions of traditional deposits,” might be expected to resist that stress:

“Historical analysis of traditional deposits shows that deposits have been a steady and reliable source of funding for commercial banks throughout economic cycles.”

Deposit tokens’ electronic form offers advantages over cash, such as programmability and atomic (simultaneous) settlement that may “speed up transactions and automate sophisticated payment operations,” the report argues.

Related: Central bank of Bahrain trials JPMorgan’s blockchain and token

While deposit token technology is relatively undeveloped, the report claims that it may still inform nascent CBDC technology and serve as “a natural bridge for the integration of CBDCs into the banking system.”

JPMorgan Chase introduced its Onyx blockchain platform along with its in-house JPM Coin in 2020. It has trialed numerous uses of the technology, including collateral settlement, repurchase agrement trades and cross-border transactions.


Crypto is a nonexistent asset for big institutional investors – JPMorgan exec

The asset class volatility still poses a challenge to money managers, noted JPMorgan’s head of institutional portfolio strategy.

Big institutional investors are still largely staying away from the crypto market, as the asset class’ volatility poses a challenge to money managers, Jared Gross, head of institutional portfolio strategy at JPMorgan Asset Management, told Bloomberg. 

“As an asset class, crypto is effectively nonexistent for most large institutional investors,” Gross noted, explaining that “the volatility is too high, the lack of an intrinsic return that you can point to makes it very challenging.”

Gross believes that most institutional investors are currently “breathing a sigh of relief that they didn’t jump into that market”, which is unlikely to happen anytime soon.

The bear market also brought to an end the idea that Bitcoin (BTC) could be a form of digital gold or serve as an inflation hedge, Gross noted, stating that it is “self-evident” that it is not the case.

Related: FTX turmoil increases scrutiny of industry, something institutional investors have been waiting for

It has been a year of dramatic falls for the crypto market. As of this writing, Bitcoin has fallen from $47,700 in January to below $17,000 by December’s end, while Ether (ETH) has fallen from $3,700 to $1,200 in the same period. The total crypto market capitalization plummeted from $2.2 trillion to nearly $810 billion, according to CoinMarketCap.

Although cryptocurrency can still be left out of many institutional portfolios, large financial institutions are increasingly embracing it. In October, the oldest American bank, BNY Mellon, announced it would safeguard Ether and Bitcoin for select institutional clients. Additionally, France’s Société Générale bank received regulatory approval as a digital assets service provider.

Robin Vince, BNY Mellon CEO, noted that “client demand” was the “tipping point” behind the launch of institutional-focused crypto services, Cointelegraph reported.

According to a recent report by JPMorgan Chase, nearly 43 million Americans, or 13% of the population, have owned crypto assets at least once in their lives. The figure has risen dramatically since before 2020 when it was only around 3%.

Crypto is a nonexistent asset for big institutional investors — JPMorgan exec

The asset class volatility still poses a challenge to money managers, noted JPMorgan’s head of institutional portfolio strategy.

Big institutional investors are still largely staying away from the crypto market, as the asset class’ volatility poses a challenge to money managers, Jared Gross, head of institutional portfolio strategy at JPMorgan Asset Management, told Bloomberg. 

“As an asset class, crypto is effectively nonexistent for most large institutional investors,” Gross noted, explaining that “the volatility is too high, the lack of an intrinsic return that you can point to makes it very challenging.”

Gross believes that most institutional investors are currently “breathing a sigh of relief that they didn’t jump into that market,” which is unlikely to happen anytime soon.

The bear market also brought to an end the idea that Bitcoin (BTC) could be a form of digital gold or serve as an inflation hedge, Gross noted, stating that it is “self-evident” that it is not the case.

Related: FTX turmoil increases scrutiny of industry, something institutional investors have been waiting for

It has been a year of dramatic falls for the crypto market. As of this writing, Bitcoin has fallen from $47,700 in January to below $17,000 by December’s end, while Ether (ETH) has fallen from $3,700 to $1,200 in the same period. The total crypto market capitalization plummeted from $2.2 trillion to nearly $810 billion, according to CoinMarketCap.

Although cryptocurrency can still be left out of many institutional portfolios, large financial institutions are increasingly embracing it. In October, the oldest American bank, BNY Mellon, announced it would safeguard Ether and Bitcoin for select institutional clients. Additionally, France’s Société Générale bank received regulatory approval as a digital assets service provider.

Robin Vince, BNY Mellon CEO, noted that “client demand” was the “tipping point” behind the launch of institutional-focused crypto services, Cointelegraph reported.

According to a recent report by JPMorgan Chase, nearly 43 million Americans, or 13% of the population, have owned crypto assets at least once in their lives. The figure has risen dramatically since before 2020 when it was only around 3%.

13% of Americans have now held crypto: JPMorgan research

The JPMorgan report is based on a study of cash transfers from banks to crypto accounts for over 5 million customers.

Around 13% of the American population — or 43 million people — have held cryptocurrency at some point in their lives, new research from JPMorgan Chase has revealed.

According to a Dec. 13 report titled “The Dynamics and Demographics of U.S. Household Crypto-Asset Use,” this number has risen dramatically since before 2020, when the figure was only around 3%.

The latest data from JPMorgan comes from analyzing checking account transfers from a sample of over 5 million customers. It found that 600,000 customers in this sample group transferred cash to crypto accounts at some point during period from 2020 to 2022.

The study also noted that cryptocurrency holders typically made their first crypto purchases during spikes in crypto prices. During this time, the amount of cash being sent into crypto exchange accounts typically far outweigh the cash being removed. In other words, most people were holding onto their crypto during this time period.

This changed in early 2022 as crypto prices fell, according to JPMorgan. In recent months, cash transfers into crypto exchanges have only slightly exceeded cash transfers out of them.

JPMorgan says that this is a result of both price declines in crypto and a broader trend of the savings rate declining in the United States since the pandemic:

“We view the rise and fall of crypto use since the onset of COVID as consistent with the joint relationship between retail flows and market prices seen in prior research. Additionally, the trend in crypto flows also tracks dynamics of household savings, which spiked to historic highs early in the pandemic but has begun to reverse.”

Who’s buying?

The report also weighed in on whether certain demographic groups are more likely to buy crypto. It found that men of all ages buy significantly more crypto than women, and that younger people buy significantly more than older people. For example, the report found that over 25% of millennial men have bought crypto, whereas only around 12% of millennial women and 5% of male baby boomers have.

A breakdown of crypto ownership by demographic. Source: JP Morgan Chase

The research also found that crypto holdings were relatively minor for most individuals, with median flows equal to less than one week’s worth of take-home pay. 

On the other hand, about 15% of crypto owners had more than a month’s pay invested in crypto.

Related: Arthur Hayes says Bitcoin has bottomed as “everyone who could go bankrupt has gone bankrupt”

The crypto market has gone through a dramatic fall in 2022. Bitcoin (BTC) has fallen from a 2022 high of $47,459 in March to $17,208 at the time of writing, while Ether (ETH) has fallen from $3,521 in April to $1,273 at the time of writing.

This fall in the crypto market has been the result of market shocks such as TerraUSD (UST) stablecoin losing its peg in May and crypto exchange FTX going bankrupt in November.

Trading fees have fallen on many crypto exchanges, and Coinbase has even stated that its revenue has fallen by nearly 50%.

But despite this decline in crypto prices and trading activity, this new report indicates that crypto ownership has still increased over the course of the last few years.

JPMorgan executes first DeFi trade on a public blockchain: Finance Redefined

MakerDAO co-founder Nikolai Mushegian’s death opened a new Pandora’s box of conspiracy theories, based on some of his recent tweets.

Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week.

The first week of November saw the institutionalization of DeFi markets as major international banks and financial institutions executed and completed their first DeFi transactions.

The global financial giant JP Morgan completed its first-ever cross-border transaction using DeFi on a public blockchain with the help of the Monetary Authority of Singapore’s (MAS) Project Guardian. DBS Bank started a trading test of foreign exchange (FX) and government securities using permissioned DeFi liquidity pools.

Apart from JPMorgan and DBS Bank, the Bank for International Settlements also said that automated market-making technology in DeFi can serve as a “basis for a new generation of financial infrastructure.”

In other news, the Team Finance hacker returned $7 million of the $14.5 million stolen and intends to keep 10% of the stolen amount as a bounty. Additionally, MakerDAO co-founder Nikolai Mushegian was found dead at 29 in Puerto Rico, which started several conspiracy theories.

Looking at the weekly DeFi market performance, the majority of the DeFi tokens in the top 100 started the first week of November on a bullish note. The Fed rate hike helped a majority of the tokens to post double-digit weekly gains.

JPMorgan executes first DeFi trade on a public blockchain

Multinational banking firm JPMorgan has successfully executed its first-ever cross-border transaction using DeFi on a public blockchain. The trade was facilitated by the MAS’s Project Guardian on Nov. 2.

The pilot was another step into examining how traditional financial institutions can use tokenized assets and DeFi protocols to conduct financial transactions, among other use cases.

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Bank for International Settlements will test DeFi implementation in forex CBDC markets

According to an announcement on Nov. 2, the Bank for International Settlements, or BIS — along with the central banks of France, Singapore and Switzerland — will embark on a new initiative dubbed “Project Mariana” in their exploration of blockchain technology. Project Mariana intends to use DeFi protocols to automate foreign exchange markets and settlements.

This includes using DeFi protocols to stimulate the hypothetical exchange of cross-border transactions between the Swiss franc, the euro and the Singapore dollar wholesale central bank digital currencies, or CBDCs.

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Singapore bank DBS uses DeFi to trade FX and state securities

DBS Bank, a major financial services group in Asia, is applying DeFi to a project backed by Singapore’s central bank. DBS has started a trading test of FX and government securities using permissioned, or private, DeFi liquidity pools, the firm announced on Nov. 2.

The development is part of Project Guardian, a collaborative cross-industry effort pioneered by the MAS. Conducted on a public blockchain, the trade included the purchase and sale of tokenized Singapore government securities, the Singapore dollar, Japanese government bonds and the Japanese yen.

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MakerDAO co-founder Nikolai Mushegian dies at 29 in Puerto Rico

Nikolai Mushegian, the co-founder of the cryptocurrency lending platform MakerDAO and decentralized Dai (DAI) stablecoin, was found dead in Puerto Rico last week.

Mushegian died due to drowning after being dragged by sea currents on the Condado Beach in San Juan, local newspaper El Nuevo Día reported. Mushegian had no vital signs by the time his body was rescued. The Condado Beach is considered one of the world’s most dangerous places for swimmers, reportedly taking the lives of at least eight people in 2021.

Continue reading

Team Finance hacker returns $7M to associated projects after exploit

Four projects have received some $7 million worth of tokens from the hacker behind the $14.5 million Team Finance exploit on Oct. 27. Over the weekend, the attacker confirmed in a series of messages that they would keep 10% of the stolen fund as a bounty and return the other tokens to the affected projects.

The exploiter — a self-described “whitehat” — drained assets from Team Finance through the Uniswap v2-to-v3 migration

Continue reading

DeFi market overview

Analytical data reveals that DeFi’s total value registered another weekly surge, rising to $52 billion. Data from Cointelegraph Markets Pro and TradingView show that DeFi’s top 100 tokens by market capitalization had a bullish week, with the majority of the tokens trading in the green on the seven-day chart.

Fantom (FTM) was the biggest gainer over the past week with a 25.38% surge, followed by Chainlink (LINK) with a 19.05% surge. The Graph (GRT) surged over 17%, while Basic Attention Token (BAT) registered a 15.66% weekly surge.

Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education in this dynamically advancing space.

Traders expect 200% upside from MATIC, but does Polygon network data support that?

MATIC’s recent rally and partnerships are turning heads and on-chain activity may hint at further growth.

In the past year, Polygon (MATIC) has focused on growing their list of high-profile partners which includes luminaries like Disney, Starbucks and Robinhood. The recent announcements of partnerships with both Instagram and JPMorgan have speculators pushing the token price up nearly 200%. 

In addition to partnerships, blockchain adoption through network usage is important to analyze. Blockchain adoption can be analyzed by looking into daily active users of the blockchain, protocols using the technology, number of transactions and total locked value.

Total value locked on Polygon rises above $1B

Total value locked (TVL) is one cryptocurrency indicator used to assess the market’s sentiment towards a particular blockchain. TVL on Polygon requires utilizing the MATIC blockchain and locking funds in the various DeFi platforms available across the network.

Rising TVL is a sign of growth, or new liquidity entering the ecosystem but it does not necessarily mean that the network and associated assets are “turning bullish.”

While the top 3 protocols, Ethereum (ETH), Binance Coin (BNB) and Tron (TRX) all have a TVL over $5 billion, MATIC, Avalanche (AVAX) and Arbitrum are the only others with over $1 billion in TVL.

According to data from Token Terminal, Polygon and Fantom (FTM) are the only blockchains to post positive TVL numbers in both 1 day and 7 day metrics.

Top blockchains sorted by TVL. Source: Defi Llama

Top 3 protocol blockchain for developers

Protocols are essentially decentralized applications (dApps) built using smart contracts on top of public blockchains. The recently announced partnerships have be tested but have not yet fully launched.

Even if the new partnerships do not fully materialize, the network is already a top contender for developers to build their smart contracts.

Top blockchains sorted by protocol number. Source: Defi Llama

Polygon is a newcomer when compared to Ethereum. So although Ethereum has more protocols than Polygon, Ethereum launched mainnet with a 5 year head start.

Polygon’s astronomical growth in protocols launching on their blockchain is notable because according to TokenTerminal’s data, Ether’s market cap dominates MATIC 90% to 10%.

Related: JP Morgan executes first DeFi trade on public blockchain

Polygon sees an uptick in fees and daily active users

In addition to Polygon’s price growing 12% in the past month, the network’s daily fees and daily active users have grown by 200% since August 5 lending credence to the Cointelegraph prediction.

On August 5, Polygon collected $42,093 in fees and had 248,853 daily network users. By October 13, the network’s daily active users peaked at 737,815 following the success of the Reddit NFT avatar launch. Following on October 25 the network hit a 90 day peak of $131,940 in daily fees.

Polygon network fees and daily active users. Source: TokenTerminal

When comparing the on-chain activity and analysis with the recent MATIC rally, the data suggests that speculation on the partnership news matches the fundamentals.

While it is a stretch to forecast a 200% potential gain in MATIC growth by only using technical analysis, Polygon’s network growth and daily active user stats are encouraging.

The number of transactions and TVL could be a sign that network fundamentals align with the expectations of technical analysts. MATIC’s strength versus competing chains, while still being only a fraction of Ether and BNB’s market cap is quite bullish for its long-term growth prospects.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Crypto Biz: $43T bank enters crypto — Probably nothing, right?

Another major financial institution has signaled its intent to offer Bitcoin and Ether services to its clients.

As crypto traders debate whether Bitcoin (BTC) is going to $25,000 or $15,000 first, the world’s largest financial institutions are laying the groundwork for mass adoption. The proverbial floodgates are unlikely to open before the United States provides a clear regulatory framework for crypto, but regulators and industry insiders are confident that guidance could come in 2023 at the earliest. In the meantime, megabanks like BNY Mellon, whose roots date back to 1784, are entering the space. 

This week’s Crypto Biz chronicles BNY Mellon’s foray into digital assets, JPMorgan’s ongoing experimentation with blockchain technology and Crypto.com’s new European headquarters.

BNY Mellon, America’s oldest bank, launches crypto services

Arguably the biggest story of the week was news of another established financial institution entering the crypto sphere. BNY Mellon, whose predecessor was founded 238 years ago, announced the launch of a digital custody platform to safeguard clients’ Bitcoin and Ether (ETH) holdings. Initially, the platform will serve select U.S. institutional clients. “With Digital Asset Custody, we continue our journey of trust and innovation into the evolving digital assets space while embracing leading technology and collaborating with fintechs,” said Roman Regelman, the bank’s CEO of securities services and digital. To get a sense of just how massive BNY Mellon is, the bank holds $43 trillion in assets under management as of 2022.

SWIFT action: JPMorgan and Visa team up on cross-border blockchain payments

JPMorgan continues to experiment with blockchain technology and digital assets even after its CEO attempted to dismiss the sector as a Ponzi scheme. Now, the U.S. financial institution is partnering with Visa to streamline the use of its private blockchain for cross-border payments. The partnership centers around JPMorgan’s Liink blockchain, which has been designed specifically for cross-border transfers, and Visa’s B2B connect, a cross-border payment network for banks. As Cointelegraph reported, it seems like the duo wants to develop an alternative to SWIFT, the dominant global network for secure messaging and transactions.

Crypto.com invests $145M in new European headquarters

2021 was the year of sponsorships for Crypto.com. Now, 2022 is shaping up to be the year of regulatory approvals. In light of regulatory traction in Europe, the crypto exchange announced this week that Paris, France, would become its new European headquarters. The company plans to spend roughly $145.7 million to establish its presence in France. Additional resources will be allocated to boosting the exchange’s presence across the region. It looks like Crypto.com is positioning itself for the next bull market. Most of its casual retail users probably won’t open the app until then.

Stellar Development Foundation launches $100M fund to support native smart contract adoption

Stellar doesn’t get nearly as much airtime as it did during the 2017 crypto bubble, but the network is still working to spur adoption and innovation on its Soroban smart contract platform. This week, Stellar Development Foundation (SDF), the nonprofit organization supporting the development of the Stellar network, announced it had launched a $100 million fund to incentivize developers to build on Soroban. Timer Weller, SDF’s vice president of technology strategy, told Cointelegraph that Soroban was developed to overcome the “friction” of existing blockchain networks.

Before you go: $25K or $15K BTC — what comes first?

Bitcoin’s price action is starting to look eerily similar to 2018’s “range from hell.” And we all know what happened after that (BTC would eventually plunge from $6,000 to roughly $3,200, marking the final bottom for the cycle). In this week’s Market Report, I sat down with Benton Yaun to discuss BTC’s price trajectory and how the latest CPI inflation data could impact the market. You can watch the full replay below.

Crypto Biz is your weekly pulse of the business behind blockchain and crypto delivered directly to your inbox every Thursday.

Disclaimer: This newsletter was updated to reflect BNY Mellon’s total assets under management, which is $43 trillion.