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JPMorgan Leverages Blockchain for Dollar Trades, Cites Strong Bitcoin Demand

JPMorgan has partnered with six Indian banks to settle interbank dollar transactions using blockchain technology on its Onyx platform. This pilot project aims to enable 24/7 transaction settlement, which is much faster than the traditional system that takes a few hours and is not available during weekends and public holidays. JPMorgan also predicts a surge in Bitcoin demand due to the upcoming halving event and the increasing price of gold, which is considered a safe haven asset. JPMorgan CEO Jamie Dimon expects a pause in interest rate hikes by the Federal Reserve but warns of potential harsh impacts on the market.

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