Bitget App
Trade smarter
Open
HomepageSign up
Bitget>
News>
BTC price slips to $42.4K as JPMorgan CEO says Bitcoin 'does nothing'

BTC price slips to $42.4K as JPMorgan CEO says Bitcoin 'does nothing'

Cointelegraph2024/01/17 13:46
By: William Suberg
BTC+0.44%

Bitcoin ( BTC ) fell to intraday lows prior to the Jan. 17 Wall Street open as the World Economic Forum (WEF) offered fresh mainstream criticism.

BTC price slips to $42.4K as JPMorgan CEO says Bitcoin 'does nothing' image 0

BTC/USD 1-hour chart. Source: TradingView

 

Dimon: Bitcoin is "pet rock"

Data from Cointelegraph markets Pro and TradingView confirmed a BTC price dip to $42,400 on Bitstamp.

The largest cryptocurrency, still tightly rangebound after last week’s spate of volatility, repeatedly failed to sustain $43,000 as support amid a broad absence of liquidity.

The mood was not helped by JPMorgan Chase CEO Jamie Dimon, who, at the WEF annual gathering in Davos, Switzerland,  told CNBC that Bitcoin “does nothing.”

“I’m not trying to make a joke here; there are use cases: AML, fraud, Anti-Money Laundering, tax avoidance, sex trafficking,” he claimed, repeating age-old, widely debunked criticisms of Bitcoin.

“Those are real use cases and you see it being used for hundreds — maybe $50-$100 billion a year for that. That is the end use case.”

Dimon additionally proclaimed that he would not mention Bitcoin on the network again, asking presenters to “stop talking” about it. As Cointelegraph reported , Dimon has himself repeatedly promised to stop mentioning it through the years.

Asked on his stance regarding last week’s slew of spot Bitcoin exchange-traded fund (ETF) launches, he insisted that he was ambivalent to competitors embracing Bitcoin.

“I don’t know what he would say about Blockchain versus currencies that do something versus Bitcoin that does nothing; it may be a lot different than me,” he concluded, referencing Larry Fink, CEO of BlackRock, whose iShares Bitcoin Trust (IBIT) ETF saw more than $700 million in inflows in its first three days.

“But this is what makes a market — people have opinions, and this is the last time I’m ever going to state my opinion.”

 

Traders see no BTC price breakout

Updating their angle on short-term BTC price performance, popular traders warned of testing times ahead.

For Daan Crypto Trades, the days of simple trading environments were now over, as BTC/USD remained impossible to second-guess.

“After last week's drop, $BTC is just ranging and chopping people up. I am in no rush to take any actions and happy just waiting for clear opportunities,” he told X subscribers on the day.

“Easy mode was the past weeks/months. Not now.”
BTC price slips to $42.4K as JPMorgan CEO says Bitcoin 'does nothing' image 1
BTC/USD annotated chart. Source: Daan Crypto Trades/X

An accompanying chart showed the range high, low and midpoint currently in play.

Fellow trader Crypto Tony meanwhile predicted the range continuing, possibly with a floor in the upper $30,000 area.

“I expect Bitcoin to range between $47,000 and $38,000 over the next few months. More attention to Altcoins to come,” he summarized .

BTC price slips to $42.4K as JPMorgan CEO says Bitcoin 'does nothing' image 2

BTC/USD annotated chart. Source: Crypto Tony/X

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
PoolX: Earn new token airdrops
Lock your assets and earn 10%+ APR
Lock now!

You may also like

What will happen next week when the "US stocks that surged 32% in 5 months" meet the "Federal Reserve resuming interest rate cuts"?

Record-setting U.S. stocks are facing a turning point as the Federal Reserve is about to restart interest rate cuts, with the market weighing expectations of monetary easing against concerns over an economic slowdown.

ForesightNews2025/09/15 07:23
90,000 users rush to mint Lazbubu: Targeting AI value exploitation, LazAI nurturing-type AI arrives

With the successful minting of Lazbubu, the future gameplay rules of Web3 AI may be completely rewritten starting from Lazbubu.

深潮2025/09/15 05:04
Letter from the Founder of Figure, the First RWA Stock: DeFi Will Eventually Become the Mainstream Method for Asset Financing

IPO is just one step in the long process of bringing blockchain into all aspects of the capital market.

深潮2025/09/15 05:03
Challenging the Traditional System: MetaComp and OSL, Two of Asia's Largest OTC Service Providers, Join Forces in Hong Kong to Promote Stablecoin Cross-Border Payments and RWA Finance

MetaComp, anchored by its compliance base in Singapore and the technical capabilities of StableX, and OSL, leveraging its institutional network and infrastructure in Hong Kong, are jointly driving the evolution of Asia's digital finance from "connection" to "integration."

深潮2025/09/15 05:02

Trending news

More
1
What will happen next week when the "US stocks that surged 32% in 5 months" meet the "Federal Reserve resuming interest rate cuts"?
2
90,000 users rush to mint Lazbubu: Targeting AI value exploitation, LazAI nurturing-type AI arrives

Crypto prices

More
Bitcoin
Bitcoin
BTC
$116,256.7
+0.40%
Ethereum
Ethereum
ETH
$4,635.79
-0.63%
XRP
XRP
XRP
$3.04
-1.47%
Tether USDt
Tether USDt
USDT
$1
-0.03%
Solana
Solana
SOL
$240.83
-2.50%
BNB
BNB
BNB
$929.05
-1.07%
USDC
USDC
USDC
$0.9997
-0.01%
Dogecoin
Dogecoin
DOGE
$0.2759
-4.94%
TRON
TRON
TRX
$0.3506
-0.01%
Cardano
Cardano
ADA
$0.8916
-2.76%
How to sell PI
Bitget lists PI – Buy or sell PI quickly on Bitget!
Trade now
Become a trader now?A welcome pack worth 6200 USDT for new users!
Sign up now
Trade smarter