Five months after dubbing Bitcoin a fraud for criminals, Jamie Dimon has backed down to saying he regrets the comment and today, JP Morgan has issued a 71 pager that walks you through cryptocurrencies.
Morgan Stanley has something to say about the omnilayer as well-timing of the peak inline with the SPXs P/E peak…etc.
What is more important than their redundant insights is that they’ve actually started to talk about it publicly. Be the analogy for crypto be a vuvuzela vis-a-vis traditional bells & whistles… who cares? the asset class is clearly here to say. We find it particularly ironic that the comments are coming after two of the slowest days over the past 2.5 months. Regulators opening up? Check. bounce off 200DMA? Check.. low hanging arb’s capitalized on? Check.
The reversal of the Kimchi premium has dovetailed with an explosion in KOSDAQ turnover. To put this in context, the figure has increased nearly threefold versus the average before the pop and in absolute terms, is on par with value printed in the KOSPI; the benchmark index for Korea.
Volatility is still a mouthful but definitely off all-time highs.
Leave you with a few headlines that have had a surprisingly muted impact on the price action. May trend be your friend…Happy Trading.
-Russia requires $1.7million capital for ICO issues. link
-Malaysia lets people decide on cryptocurrencies. link
-Thailand bans incumbent financial institutions from dipping their feet in
-Speed skater gets paid in Cryptocurrency at the Pyeongchang Winter
-Dubai issues first Crypto-Asset trading license to the nine- yr-old gold &
commodities trading co Regal RA DMCC link
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