DASH price perform a 7% jump, and there are a couple of reasons for that
|- DASH becomes the best performer on Friday morning.
- JPMorgan express positive views towards the coin.
- DASH's CEO hits ant creating a decentralized investment fund.
DASH is a privacy-focused coin that currently takes the 14th place in the global coins hit parade. Regulatory clamp down and tighter approach towards anti-money laundering mechanisms and KYC procedures forced Japanese Coincheck and South Korean Korbit to delist it. These events have kept the coin under continuous pressure until now.
DASH jumped over 7% during early Asian hours and touched $242, the highest level since July 9, before retracing to $228 to press time. This spike accompanied by the strong growth of volatility and trading volumes made DASH an obvious outperformer of on the sleepy cryptocurrency market.
What is behind the move?
It has become known, JPMorgan published the internal report, where the bank experts claimed that Dash is among the coins that a here to stay, along with Bitcoin, Ripple, and Ethereum. The report reveals rather a favorable view for blockchain technology, which has a promising future once the bugs are fixed. Interestingly, the statement contradicts the opinion of the bank's CEO Jamie Dimon, who called Bitcoin a fraud in 2017.
The other and probably more important reason for the price spike is the comments of DASH's CEO Ryan Taylor, who hinted at creating a decentralized investment fund. Dash Ventures might become the first investment fund virtually owned and operated by a DAO.
“The original estimate for Dash ventures was sometime in Q3. As we’ve engaged with local counsel in Cayman, there has been some feedback that the structure that we thought would work had a few downsides… But the good news is that they said that there were some structures, it just required a bit of tweaking,” Taylor said in the interview with the Amigas.
“I wouldn’t anticipate years. This is one or two quarters away, at most. I would be surprised if this pushed it beyond Q4.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.