2/28/2018, 4:23 PM (Source: TeleTrader)
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Bitcoin retreats; JPMorgan sees cryptos as future risk

Bitcoin moderately weakened on Wednesday after it surfaced that JPMorgan Chase and Co. highlighted the disruption potential from technologies including cryptocurrencies. In an annual report filed with the United States Securities and Exchange Commission, the lender stressed the risk as the platforms "require no intermediation."

The fear of losing market share mirrors the Bank of America Corp.'s equivalent document, where it focused on the possibility for the digital competition to eat into earnings. It also acknowledged the need to spend more to keep afloat in the sector. In other news, Microsoft Corp.'s founder Bill Gates has said cryptocurrencies "caused death in a fairly direct way" and raised the issue of financing drug smugglers and the risk in initial coin offerings (ICOs).

The most dominant digital currency slipped 0.34% to $10,546 at 4:20 pm CET. However, movements in exchange rates put it 0.09% higher versus the euro, at €8,631.31. Futures expiring next month at CME Globex fell 1.55% to $10,475. Offshoot cryptocurrency Bitcoin Cash declined 0.62% to $1,223.7.

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