Bitcoin Shorts Worth $24M Liquidated Over A Single Day After Reports Emerge JPMorgan Working On Blockchain Payment System
Portfolio Pulse from Mehab Qureshi
Over the past 24 hours, Bitcoin shorts worth over $24 million were liquidated, affecting 26,390 traders. The largest single liquidation order was on Bitmex, valued at $5.15 million. This comes as JPMorgan, the largest US bank, is developing a blockchain-based digital deposit token for cross-border payments and settlements. The bank has established most of the necessary infrastructure for the token, but regulatory approval is still pending.
September 08, 2023 | 4:23 am
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NEUTRAL IMPACT
JPMorgan is in the early stages of developing a blockchain-based digital deposit token for cross-border payments and settlements. The bank has established most of the necessary infrastructure for the token, but regulatory approval is still pending.
JPMorgan's development of a blockchain-based digital deposit token could potentially increase the bank's competitiveness in the digital assets space. However, the impact on the bank's stock price is uncertain as regulatory approval is still pending.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Bitcoin shorts worth over $24 million were liquidated, potentially indicating a bullish sentiment. Meanwhile, JPMorgan's development of a blockchain-based digital deposit token could further legitimize cryptocurrencies.
The liquidation of Bitcoin shorts suggests that traders are expecting the price of Bitcoin to increase. This, coupled with JPMorgan's development of a blockchain-based digital deposit token, could lead to increased confidence in cryptocurrencies and potentially drive up the price of Bitcoin.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100