JPMorgan Chase Sees Change in Bitcoin Industry

According to a report from Bloomberg, JPMorgan Chase has seen a considerable change in the Bitcoin industry in the past two years. This change has been led by what is termed as an institutional interest.

An investigation which was conducted by Bitwise, an asset manager, revealed that much of the trade volume being reported by crypto exchanges is most likely not real. In fact, JPMorgan states that only five percent of the number in May, which was at $725 billion, was factual. This makes the actual volume at $36 billion.

According to the financial giant, overstating trade volumes is an implication that institutional investors are influencing market structure. It suggests they are becoming more sincere about cryptocurrency. An example is with Bakkt, which recently revealed that in July it would start testing futures offerings. Bakkt is owned by Intercontinental Exchange of the New York Stock Exchange.