Bitcoin faced intraday lows ahead of the Wall Street open on January 17, impacted by fresh criticism from JPMorgan Chase CEO Jamie Dimon during the World Economic Forum (WEF) in Davos, Switzerland. The cryptocurrency, still consolidating after recent volatility, struggled to maintain support above $43,000 due to a lack of liquidity.
Dimon, expressing his views at WEF, dismissed Bitcoin, stating that it “does nothing” and highlighting what he considers its use cases – Anti-Money Laundering (AML), fraud prevention, tax avoidance, and combatting sex trafficking. Despite Dimon’s remarks, financial heavyweights have witnessed substantial spot Bitcoin ETF inflows, with Larry Fink, CEO of BlackRock, seeing over $700 million inflows in the first three days of the iShares Bitcoin Trust (IBIT) ETF launch.
During his comments, Dimon declared his intention to refrain from discussing Bitcoin in the future and urged presenters to stop talking about it. Traders are now observing a challenging trading environment for BTC, with the market experiencing a lack of clear opportunities after last week’s drop.
Daan Crypto Trades emphasized the current unpredictability of BTC/USD, stating that after the recent decline, Bitcoin is ranging and causing uncertainty for traders. Another trader, Crypto Tony, predicted a continued range for Bitcoin between $47,000 and $38,000 over the coming months, suggesting increased attention to Altcoins in the market. Overall, the cryptocurrency market faces uncertainties and varying opinions on Bitcoin’s utility and future price movements.