(02-Nov-20) This Week in Crypto:
Bitcoin turns 12, DEX Volume Dips, JPMorgan walking the crypto walk.
- Exactly 12 years on from the release of Bitcoin’s whitepaper (October 31st, 2008), the consensus network has now reached a price of $14,000 per coin. This is the first time Bitcoin has reached that milestone since January 2018, although the rise this time appears to have stronger, institutional, foundations.
- Monthly volume on decentralised exchanges has fallen 25% this October. This drop is after three consecutive months of doubling aggregate volume. Alas, the steam engine eventually has to refuel, and with October’s aggregate volume still almost 5x higher than it was in July, this slowdown seems natural. The fall in volume follows a drop in speculative interest in DeFi, with new entrants SushiSwap and Serum declining by over 60% in the last month.
- JPMorgan has now formed a new blockchain unit called ‘Onyx’ and claims that its ‘infamous’ “JPM Coin” is now ready for commercial use. CNBC reported that an unnamed large tech client of JPMorgan is using JPM Coin for the first time this week. For context, JPMorgan is the same firm whose CEO called Bitcoin a ‘fraud’ that would be crushed by governments way back in 2018. Surprisingly, the firm has warmed to the promise of blockchain tech, incubating its own blockchain project and selling it over to ConsenSys a few months back. Now the firm believes that “we are shifting to a period of commercialization of those technologies, moving from research and development to something that can become a real business.” (Takis Georgakopoulos, Global Head of Wholesale Payments, JPMorgan).
This Week’s Top Crypto Conversations:
CEO of Pantera Capital on CashApp purchasing Bitcoin:
Today is Uniswap’s 2 year anniversary:
Dune Analytics on DEX volume:
Sign up to DeFi Alliance Liquidity Demo Day Nov 10th: