BTC/USD: Traders Buy the Dip After Jamie Dimon's "No Value" Comment Stirs Crypto
OG coin briefly touched $89,000 a piece. Bargain-hungry traders scooped up the discounted risk asset and lifted prices back above $95,000. 𧨠Dimon Blasts BitcoinComments from Bitcoinâs biggest Wall Street opponent, JPMorgan 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 . âBitcoin itself has no intrinsic value. Itâs used heavily by sex traffickers, money launderers, ransomware,â he argued. đââď¸ Crypto Players Rush InâSo I just donât feel great about Bitcoin,â Dimon said as crypto traders were ready to fire away their long orders. Dimonâs 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. đ¤ Thereâs Hope, ThoughJamie Dimon, whoâs been at the helm of JPMorgan for 19 years (longer than any other bank CEO), isnât opposed to the general concept of digital assets. Even though he seems to have a beef with the flagship cryptocurrency, he said heâs optimistic about the novel asset class and believes cryptos would play a big role in the global financial system.