Traders Buy the Dip After Jamie Dimon's "No Value" Comment Stirs Crypto

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OG coin briefly touched $89,000 a piece. Bargain-hungry traders scooped up the discounted risk asset and lifted prices back above $95,000.

🧨 Dimon Blasts Bitcoin

Comments from Bitcoin’s biggest Wall Street opponent, JPMorgan JPM boss Jamie Dimon, were an opportunity for Bitcoin lovers to scoop up more of their favorite coin. Speaking to CBS News on Sunday, the long-reigning Wall Street executive doubled down on his historically critical stance toward Bitcoin BTCUSD.
“Bitcoin itself has no intrinsic value. It’s used heavily by sex traffickers, money launderers, ransomware,” he argued.

🏃‍♂️ Crypto Players Rush In

”So I just don’t feel great about Bitcoin,” Dimon said as crypto traders were ready to fire away their long orders. Dimon’s comments reinforced a broader bearish push as Bitcoin prices dipped to a two-month low near $89,000 a piece.
Immediately after prices touched that level, market participants swooped in and sent Bitcoin back above $95,000, resulting in a 5% gain for the orange coin. Early Tuesday, Bitcoin was trading at $94,800.

🤞 There’s Hope, Though

Jamie Dimon, who’s been at the helm of JPMorgan for 19 years (longer than any other bank CEO), isn’t opposed to the general concept of digital assets.
Even though he seems to have a beef with the flagship cryptocurrency, he said he’s optimistic about the novel asset class and believes cryptos would play a big role in the global financial system.

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