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Bitcoin rose on Friday morning in Asia to trade above the resistance level of US$26,000, leading a rally across most top 10 non-stablecoin cryptocurrencies. The exceptions were Cardano and Toncoin, which both posted minor losses. Ether logged moderate gains but remained below US$1,650. U.S. financial services giant JPMorgan Chase & Co. is reportedly exploring a blockchain-based payment and settlement system, raising optimism for more institutional adoption of blockchain. U.S. stock futures traded mixed, after the S&P 500 and Nasdaq closed lower on Thursday. Stronger-than-expected jobs data has added to U.S. rate hike concerns.<\/p>\n
Bitcoin rose 1.62% in the last 24 hours to US$16,179.43 as of 07:30 a.m. in Hong Kong, turning a weekly loss into a gain of 0.75%, according to CoinMarketCap<\/a> data. The world\u2019s leading cryptocurrency had been trading between around US$25,500 and US$26,000 since Saturday. It reached an eight-day high of US$26,409.30 early Friday morning.<\/p>\n JPMorgan, the largest bank in the U.S. by asset size, is \u201cin the early stage\u201d of developing a blockchain-based digital deposit token for cross-border payments and settlements. The bank has already laid out most of the underlying infrastructure, but will wait for approval from U.S. regulators before making the token itself, Bloomberg reported<\/a> Friday.<\/p>\n Deposit tokens are transferable digital assets representing deposit claims against a commercial bank. Token transactions take place on blockchains, making deposits faster and cheaper than traditional methods.<\/p>\n \u201cIt is another sign that large corporations continue to build their blockchain capabilities during this bear market,\u201d Markus Thielen, head of research & strategy at digital asset service platform Matrixport, said in an emailed comment.<\/p>\n The market is currently waiting on a decision from the U.S. Securities and Exchange Commission (SEC) regarding another U.S. financial giant \u2014 BlackRock. On June 15, the world\u2019s top asset manager applied<\/a> for approval to create a spot Bitcoin exchange-traded fund (ETF).<\/p>\n \u201cWhile most expect the SEC Blackrock decision to hit the market in October, the news of a potential ETF approval can also come any time,\u201d Thielen said.\u00a0<\/p>\n \u201cOnce Bitcoin regains some momentum, the rally could have legs and bring prices back above US$30,000,\u201d he added.<\/p>\n Elsewhere, Martin Gruenberg, chairman of the U.S. Federal Deposit Insurance Corporation (FDIC), said<\/a> on Thursday that despite the apparent good health of the U.S. economy, the country\u2019s banking industry \u201ccontinues to face significant downside risks from the effects of inflation, rising market interest rates, and geopolitical uncertainty.\u201d<\/p>\n Bitcoin prices have historically<\/a> benefited from uncertainties in the banking system, such as the crisis at Zurich-based lender Credit Suisse in March. The bank\u2019s sudden collapse sent<\/a> the token\u2019s price from below US$27,000 to over US$28,000 on March 19.<\/p>\n Ethereum gained 0.77% to US$1,644.68 over the past 24 hours and edged down 0.07% for the past seven days.\u00a0<\/p>\n Most other top 10 non-stablecoin cryptocurrencies logged small gains. Cardano\u2019s ADA and the TON network\u2019s Toncoin were the only tokens that posted losses, dipping 0.14% and 0.70% respectively. But both coins posted gains for the week at 1.07% for ADA and 3.68% for Toncoin.<\/p>\n The total crypto market capitalization gained 1.37% to US$1.05 trillion. Trading volume dropped 11.95% to US$23.81 billion.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":" Bitcoin rose on Friday morning in Asia to trade above the resistance level of US$26,000, leading a rally across most top 10 non-stablecoin cryptocurrencies. The exceptions were Cardano and Toncoin, which both posted minor losses. Ether logged moderate gains but remained below US$1,650. U.S. financial services giant JPMorgan Chase & Co. is reportedly exploring a […]<\/p>\n","protected":false},"author":2,"featured_media":151908,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[201,248,251,246,257,255,250,252,247,253,249,256,254],"class_list":["post-151907","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-others","tag-blockchain","tag-bsc","tag-chainlink","tag-coin","tag-cryptocurrency","tag-gta","tag-looks-rare","tag-oracle","tag-polygon","tag-quickswap","tag-safe-moon","tag-wallet","tag-wordpress"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/151907","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=151907"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/151907\/revisions"}],"predecessor-version":[{"id":151914,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/151907\/revisions\/151914"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/151908"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=151907"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=151907"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=151907"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}