JPMorgan Chase is saying tough luck to a customer after the bank handed tens of thousands of dollars over to an imposter with a fake ID. Justin Lee says he lost $30,000 after a man with false identification and an incorrect social security number walked into a Chase branch and convinced the bank to hand […]
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A former big wig banker is accusing JPMorgan Chase of hiding a cluster of bombshell emails about the financial giant’s relationship with Jeffrey Epstein. James Staley’s attorney is asking a federal judge to compel JPMorgan to hand over in-house emails that will allegedly prove the bank knew about Epstein’s criminal behavior, reports RadarOnline, citing newly […]
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JPMorgan Chase and Bank of America are defending their fraud prevention systems after a 76 year-old man lost his life savings of $800,000. Washington resident Bogdan Nalivaiko sold his home and placed nearly a million dollars in the bank when he was targeted by scammers, reports Fox 13 Seattle. According to Nalivaiko’s daughter, Julia Elders, […]
The post Chase and BofA Should Have Flagged Massive Bank Transfers in $800,000 Scam, Says Victim’s Daughter appeared first on The Daily Hodl.
The U.S. Securities and Exchange Commission just hit JPMorgan Chase with a $4 million fine for deleting about 47 million emails – including business documents sought by subpoenas in at least a dozen regulatory investigations. The emails, which were erased by JPMorgan’s broker-dealer subsidiary, were sent between January 1st, 2018 and April 23, 2018. According […]
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JPMorgan Chase says it will not stand by a customer who just lost her life savings in a slick banking scam. Deborah Moss says she had earned enough money to retire when she received a text message that appeared to be from Chase warning her about a suspicious $35 charge, reports CBS News. Moss quickly […]
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US banks are slamming the doors on innocent customers with zero notice, according to a new report. Supposedly suspicious activity is triggering abrupt account closures, leading to customers to discover something is wrong then they try to spend their money, reports the New York Times. One such member of Chase named Naafeh Dhillon tried to […]
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Economist and gold bug Peter Schiff has warned that the United States Federal Reserve’s actions to rein in inflation could lead to a “massive financial crisis” or flight away from the dollar on a global scale. Meanwhile, Joe Biden says the economy is “strong as hell,” and Bank of America and JP Morgan also say […]
Bitcoin and the crypto market are at the beginning of a healing process, JPMorgan analysts say in a note.
Bitcoin’s (BTC) weekend dance between $30,000 and $34,000 seems to strengthen the short-term uncertainty narrative, as JPMorgan strategists believe the cryptocurrency market is not yet healthy.
A Friday note from the JPMorgan Chase team suggested that the near-term setup for Bitcoin still looks challenging. Based on the on-chain data, JPMorgan strategists said that “there is likely still an overhang of underwater positions which need to be cleared through the market.”
JPMorgan lists the Bitcoin futures market’s stability and the possibility of increased production costs due to miners’ migration from China as positive factors. Bitcoin’s cost of production is historically tied to its price, several analyses show. So, a price bump in the cost of mining may have a booster effect on Bitcoin price.
The note suggests that the cryptocurrency market appears to be at the beginning of a healing process but is not quite healthy yet. Fundstrat’s David Grider recommended reducing the risk or buying some protection, according to Bloomberg.
Related: Bitcoin bounces off $30,000 amid the possibility of exit to mid-$40K range
A bounce off $30,000, which is seen as a critical support level, came after the JPMorgan note. The Bitcoin price dove to $30,070 before quickly recovering to $33,445 over the weekend, according to data from Cointelegraph Markets Pro and TradingView.
The weekend saw a positive statement for the biggest cryptocurrency from Ricardo Salinas Pliego, Mexico’s third-richest man, who named Bitcoin the new gold. The price climbed above 35,000 as of Monday morning.
Goldman Sachs reportedly traded digitized treasury bonds for JPM Coin on JPMorgan Chase's Onyx blockchain platform.
After six months of eyeing JPMorgan Chase’s custom blockchain service for repo markets, Goldman Sachs has started trading on the platform.
Mathew McDermott, global head of digital assets for Goldman Sachs’ global markets division, confirmed the first transaction dated June 17 in an interview, Bloomberg reported.
In the trade, Goldman Sachs swapped a tokenized version of a United States Treasury bond for JPM Coin, JPMorgan’s dollar-pegged stablecoin. JPMorgan started its private blockchain service to drive efficiency in repo agreements last year. The platform uses JPM Coin to swap digitized United States Treasury bonds.
Goldman Sachs was one of the first financial institutions to notice the platform. Last year, McDermott mentioned the efficiency of JPMorgan’s blockchain-based repo-market service, saying that “enterprise blockchain can address a real-world problem in the financial system.”
As a trillion-dollar market, repurchase or “repo” agreements are short-term lending arrangements for dealers in government bonds. An overnight repo allows dealers to sell government bonds to investors and repurchase them the next day at a slightly higher price.
Related: Goldman Sachs to offer Bitcoin futures trading
Calling the trade a pivotal moment for the digitization of transactional activity, McDermott highlighted that, unlike the traditional repo market, the precise timing of the transaction could be logged thanks to blockchain technology.
Smart contracts on the blockchain enable the collateral and cash to interchange simultaneously and immediately, and this is a big step up for the repo market, according to McDermott:
“We pay interest per the minute. We firmly think this will change the nature of the intraday marketplace.”
JPMorgan Chase first announced the launch of its own stablecoin back in early 2019, with an initial focus on international settlements by major corporations. First trades started in December, and since then, JPM Coin has been embraced by transnational corporations for around-the-clock cross-border payments.
The bank established its version of the Ethereum blockchain, Onyx, which is now processing more than $1 billion worth of transactions daily.
Hundreds of banks in the U.S. will reportedly start offering access to bitcoin to their customers this year, thanks to a partnership between Fidelity National Information Services and the New York Digital Investment Group. Hundreds of banks have enrolled to participate in the program as they see funds moving from bank accounts to crypto exchanges. […]