Last week, JPMorgan (JPM) took the fintech world by storm when it revealed that it has been developing JPM Coin, a new Ethereum-based stablecoin that serves as a means to instantly settle payments between clients.
As we reported at the time, the cryptocurrency market failed to move higher, suggesting a lack of interest from established market participants in JPM Coin. The AltDex 100 Index (ALT100), a benchmark index that doesn’t include stablecoins, was down 0.6% on the news.
Unsurprisingly, it didn’t take long for the mainstream financial news outlets to attempt to reconcile the latest price action with JPMorgan’s announcement.
Bitcoin is getting a delayed boost from the announcement that JPMorgan has developed a digital coin to speed up payments between corporate customers ? https://t.co/L9eQ5YBxZ2 pic.twitter.com/mAvqXj8ZQe
— Bloomberg Crypto (@crypto) February 19, 2019
Ignoring the improving market technicals and major developments in the space in the last few weeks, including numerous Lightning Network products and a litany of announcements made during ETHDenver, Bloomberg hammered home the idea that the banking giant is the market driver.
This is after the crypto market failed to respond to far more important announcements from the likes of Fidelity, Bakkt and others in preceding months.
Bloomberg is not alone in its flashy, convoluted headlines that are circulated to millions of individuals in the traditional finance world. Last week, Barron’s published an article titled “JPMorgan Just Killed the Bitcoin Dream,” which, of course, makes no sense if you do any research into JPM Coin’s actual functionality. Numerous other outlets have piled on with similar takes.
Stories like these emphasize the necessity of supporting and promoting crypto media outlets that take the time to dive into the real causes behind price movements. While amateur and often not as polished, the dissemination of information needs to start from somewhere as the larger media outlets simply do not have the resources to provide the proper level of analysis that is required to track the industry’s developments.
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.