Cryptomarkets Ride The Dimon Wave, “Soon To Surpass Apple in Trade” Says Hedge Fund Strategist
“Cryptocurrency trading volume is now more than of $3bn/day on average, and will likely soon surpass that of the world’s most liquid stock: Apple ($4bn/day),” Jens Nordvig, founder, and CEO of Exante Data, said.
Nordvig added that the global daily trading volume between the two largest market cap digital currencies, Bitcoin and Ethereum, into fiat, has multiplied at least eight times in this last year alone.
This comes as the CEO of JP Morgan Chase Bank Jamie Dimon has stated that cryptocurrencies are worthless and that Bitcoin is a fraud.
Despite being a fraud Bitcoin has a market capitalization of [$60,158,269,736] according to Coin Market Cap. For a fraud that’s a lot of money that isn’t being spent on commerce in other countries which have accepted Bitcoin as a payment method as well as trading volume on exchanges.
The cryptomarkets have lost a total of $10 billion today according to Crypto Coin News, but that’s nothing when the overall trade volume reached 3.5 billion dollars alone in July according to Coindesk. CNBC further reported that the fiat markets are suffering worse according to the network which wrote:
“Average daily trading volume in U.S. stocks fell in August to its lowest in three years, according to market researcher Tabb Group.”
Well, it looks like enough people believe in replacing fiat Dimon for a futuristic standard of digital gold also known as Bitcoin. The entire market is sitting at a capital of [$124,680,606,422] at the time of this writing. That’s, of course, nearing Jamie Dimon’s entire company worth 333 billion dollars … maybe that’s why he’s so inundated with frustration and rage lately when he sees Bitcoin?
Because of his comments about Bitcoin, and his Bitcoin tracker fund Bitcoin XBT’s large purchase of Bitcoin immediately after, Dimon faces potential charges in Sweden for violating European market abuse laws according to Blockswater and Florian Schweitzer.
If sentenced he faces 2 years in prison according to Schweitzer.
Bitcoin is currently trading at fiat [$3,621.25] per digital coin according to Coin Market Cap.