‘A Massive Step’—JPMorgan Just Made A Surprise, Game-Changing Bet On Crypto Despite $2 Trillion Bitcoin, Ethereum And Crypto Price Crash

Bitcoin
BTC
, ethereum and other cryptocurrencies have struggled this year to turn people’s sky-high expectations into reality—with Coinbase’s chief executive even admitting a serious miscalculation.

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The bitcoin price has collapsed over the last year, plunging from an all-time high of almost $70,000 per bitcoin to around $20,000. The bitcoin price crash has dragged down the wider crypto market, wiping away around $2 trillion in notional value.

Now, JPMorgan, one of Wall Street’s biggest banks led by outspoken bitcoin and crypto skeptic Jamie Dimon, has completed its first-ever cross-border transaction using blockchain-based decentralized finance (DeFi) in what’s been called “a massive step” for the crypto space.

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