The trade war between the United States and China has lasted for more than one year — and a resolution is nowhere in sight.World Economyread more
The Fed is expected to cut rates Wednesday, but it is unlikely to tell markets what they want to hear on future rate cuts.Market Insiderread more
Pelosi said Trump should not have tried to address China's trade practices in a way that opened Americans up to financial pain.Politicsread more
Investors await the Fed's latest decision on monetary policy, set to be released on Wednesday stateside. The U.S. central bank is widely expected to cut rates by 25 basis...Asia Marketsread more
TransferWise posted an annual net profit of £10.3 million on revenues of £179 million.Technologyread more
Live the high life with a night's stay at Highclere Castle, the iconic stately home made famous by Downton Abbey.Spendread more
Large banking institutions face the risk of failure if interest rates in Europe continue to stay negative, warns the global chief economist of the Economist Intelligence Unit.Banksread more
The fallout from two fatal crashes of Boeing 737 Max planes has ensnared the manufacturer's most-loyal customer: Southwest Airlines. The carrier has canceled thousands of...Airlinesread more
Brent crude oil jumped the most in history in the previous session after attacks on Saudi's oil industry disrupted the kingdom's production.Marketsread more
In the survey, conducted after the third in the Democratic Party's series of debate, the former vice president draws 31% compared to 25% for the Massachusetts senator. At 14%,...2020 Electionsread more
Stocks rose slightly on Tuesday, but gains were capped as the Federal Reserve kicked off a two-day monetary policy meeting.US Marketsread more
"The prospective launch of bitcoin futures contracts by established exchanges in particular has the potential to add legitimacy and thus increase the appeal of the cryptocurrency market to both retail and institutional investors," Nikolaos Panigirtzoglou, a global markets strategist at JPMorgan, said in a Friday report.
The Commodity Futures Trading Commission said Friday it will allow CME and its competitor, the Cboe Futures Exchange, to launch bitcoin contracts. CME, the world's largest futures exchange, also announced it would launch bitcoin futures on Dec. 18.
"In all, the prospective introduction of bitcoin futures has the potential to elevate cryptocurrencies to an emerging asset class," Panigirtzoglou said. "The value of this new asset class is a function of the breadth of its acceptance as a store of wealth and as a means of payment and simply judging by other stores of wealth such as gold, cryptocurrencies have the potential to grow further from here."
In contrast, Dimon has been an outspoken critic of bitcoin. The banking executive said in September the digital currency is a "fraud" that "won't end well." Dimon then said in October that people "stupid enough" to buy bitcoin will "pay the price for it one day."
However, Dimon did say he believes the blockchain technology behind bitcoin was valid, he just did not understand digital currencies that are not backed by a government.
JPMorgan is already involved in blockchain-related projects. In 2015, the bank began working on Quorum, an open-source, enterprise-grade transaction network focused on data privacy. The platform is built on the network behind the digital currency ethereum.
The bank is also a founding member of the Enterprise Ethereum Alliance and partnered with the developers of privacy-focused digital currency Zcash in May.
Bitcoin surged above $11,000 Wednesday to an all-time high, after starting the year below $1,000. Bitcoin traded near $10,605 Friday, recovering partly from a sharp drop to near $9,000 Thursday, according to CoinDesk.