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$150 Billion Investment Arm of Morgan Stanley Planning to Bet on Bitcoin

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$150 Billion Investment Arm of Morgan Stanley Planning to Bet on Bitcoin

One of the world’s leading investment banks, Morgan Stanely, is planning to jump on Bitcoin’s rising global value, according to the latest report published by Bloomberg.

The report said Counterpoint Global, a $150 billion investment arm of Morgan Stanley known for its prowess in picking growth stocks, is planning to add bitcoin to its list of bets.

Citing people familiar with the matter, Bloomberg said Counterpoint Global is exploring whether investing in cryptocurrency would be a suitable option for its investors, however, investing in the crypto space would require approval from both the firm and regulators.

The report that Stanley, an almost-century-old investment bank, is considering investing in cryptocurrency would further boost Bitcoin and the entire crypto space among institutional investors as can be seen in the 24 hours Bitcoin chart.

Bitcoin gained 4.55 percent to $49,173 per coin in the last 24 hours after the news became public.

This is coming a week after Tesla announced its Bitcoin investment now worth $1.5 billion and plans to start accepting it and other cryptocurrencies as payment.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Bitcoin Near $60,000 Per Coin After Bloomberg Report Favour Bitcoin ETF

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Bitcoin Price - Investors King

Bitcoin, the world’s most capitalised cryptocurrency, rallied near $60,000 per coin after a report by Bloomberg said bitcoin futures exchange-traded fund (ETF) will clear the U.S. Securities and Exchange Commission (SEC) late on Thursday.

Cryptocurrency’s most dominant coin rose to $59,961 per coin before pulling back to $59,258.38 at the time of writing.

The SEC is reviewing around 40 bitcoin ETF filings with multiple decision deadlines on futures-linked products hitting next week. According to Bloomberg, the regulator is expected to approve at least some of them, clearing the way for trading to begin.

The SEC does not need to take any formal action to approve the filings. Under federal law, applications can become effective if the SEC allows a mandated deadline to pass by without requesting changes or directing the aspiring issuer to pull the filing.

Bloomberg named applications by ProShares and Invesco as two proposals that may be allowed to launch under this law next week.

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JPMorgan CEO Continues to Think Bitcoin is Worthless

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bitcoin to Nigerian Naira - Investors King

CEO of New York-based international investment bank JPMorgan Chase Co, Jamie Dimon says in his personal opinion Bitcoin is worthless although the bank’s customers think differently.

The executive shared his views during an Institute of International Finance event on Oct. 11. At the same time, he said he doesn’t want to be a spokesperson. Dimon noted if clients want to purchase BTC, the bank can’t custody that, but gives legitimate exposure.

Dimon says he also finds that smoking is bad, but people want cigarettes and the demand is what makes markets. In July, JPMorgan started offering wealth managers access to crypto funds.

Joseph Young, a crypto and blockchain analyst noted on Twitter, there is no Bitcoin bull run without Jamie Dimon saying the coin is not worthy. Previously, JP Morgan CEO said several times that BTC has no future. Meanwhile, Bitcoin’s price hit a 5-month high, breaking above $57.500. The coin’s market cap stands at above $1 trillion.

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Bitcoin Hits 5 Month High; Trades at Over $54,000 a Coin

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Bitcoin - Investors King

Bitcoin, the world’s leading cryptocurrency, gained 9.64 percent on Wednesday to $54.900.10 per coin, a 5-month record high. The cryptocurrency has gained 24 percent in the month of October alone despite China’s regulations and restrictions.

“Bitcoin’s move to a five month high comes as no surprise to those who have been following this asset closely over the last few months,” said Jason Deane, analyst at Quantum Economics.

Markets often move on momentum and sentiment – especially after periods where it has been trading for a while in a price range, according to Deane.

Sentiment has significantly improved over the first week of October, signalling a shift away from the previous few months’ market panic. Bitcoin was trading at $43,798 on the first day of October, and has jumped over $10,000 since, to $54,220.

Denis Vinokourov, head of research at Synergia Capital, attributed today’s price pump to the U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler telling Congress on Tuesday that the SEC has no plans to ban crypto.

“Gensler may have come across as very anti crypto but he is not here to kill off crypto,” said Vinokourov.

“Tectonic plates have come together with the threat of a ban being removed,” said Charles Morris, founder of ByteTree Asset Management.

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