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‘I don’t like what I’m seeing’

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JPMorgan CEO Jamie Dimon on Trump’s immigration policy: ‘I don’t like what I’m seeing’
JPMorgan CEO Jamie Dimon on Trump’s immigration policy: ‘I don’t like what I’m seeing’

JPMorgan Chase CEO Jamie Dimon said Wednesday that he disagreed with President Donald Trump’s approach to immigration, offering a rare public rebuke by a U.S. corporate leader of one of Trump’s signature policies.

Dimon, speaking on a panel at the World Economic Forum in Davos, Switzerland, initially praised Trump’s moves to secure the borders of the world’s largest economy. Illegal crossings at the U.S.-Mexico border fell to the lowest level in 50 years for the period from October 2024 to September 2025, the BBC reported citing federal data.

But Dimon, who has long advocated for immigration reform to boost U.S. economic growth, also made an apparent reference to videos of U.S. Immigration and Customs Enforcement officers rounding up people alleged to be undocumented immigrants.

I don’t like what I’m seeing, with five grown men beating up little women,” Dimon said. “So I think we should calm down a little bit on the internal anger about immigration.”

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It’s unclear if Dimon was speaking about a specific incident, or more broadly about ICE confrontations.

In the first year of his second term, Trump has overhauled U.S. immigration policy with a focus on mass deportations, tightened asylum access and ramped-up spending for ICE personnel and facilities. Among a torrent of new policies that changed the landscape for seeking American citizenship, the administration also rescinded guidance on where ICE arrests could happen, leading to raids at schools, hospitals and places of worship.

Unlike during Trump’s first term, American CEOs have mostly avoided public criticism of his policies. Wall Street analysts have speculated that business leaders fear retribution from the Trump administration, which has sued media companies, universities and law firms, and instead choose to appeal to the president out of the public spotlight.

On Wednesday, Dimon said that he wanted to know more about who is being swept up in ICE raids: “Are they here legally? Are they criminals? … Did they break American law?”

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“We need these people,” Dimon added. “They work in our hospitals and hotels and restaurants and agriculture, and they’re good people .… They should be treated that way.”

‘A climate of fear’

For years, in annual shareholder letters and media interviews, Dimon has cited an immigration overhaul as one of the main avenues to unlock higher U.S. economic growth.

The veteran CEO of JPMorgan, the world’s largest bank by market cap, has previously supported a merit-based system for green cards as well as citizenship for people brought to America as children, and pushed back on proposals to limit H-1B visas.

On Wednesday, Dimon urged Trump to allow citizenship “for hardworking people” and “proper asylum” opportunities.

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“I think he can, because he controlled the borders,” Dimon said.

Later in the wide-ranging interview, The Economist Editor-in-Chief Zanny Minton Beddoes, told Dimon that she was surprised at how careful he and other CEOs were in speaking about Trump.

“You are one of the more outspoken business leaders,” Beddoes said. “I’m genuinely struck by the unwillingness of CEOs in America to say anything critical. There is a climate of fear in your country.”

Dimon pushed back, saying that he let his views be known about Trump’s tariffs, immigration policies and stance towards European allies.

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“I think they should change their approach to immigration,” Dimon said. “I’ve said it. What the hell else do you want me to say?”

What Trump's $100K H-1B visa fee means for Big Tech

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Crypto World

Bitcoin Price Falls to a New Low

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Bitcoin Price Falls to a New Low

As the BTC/USD chart shows, prices dropped below $74,000 yesterday. This marks the lowest level since November 2024, when the cryptocurrency was rallying on news of Trump’s election victory.

At the same time, sentiment indicators are signalling “extreme fear” across the market. This was reinforced by the break below the key April 2025 low near $74,450.

The media has been circulating increasingly alarming headlines:
→ Michael Burry, well known for his bearish calls, has suggested that a drop below the $70k level could create problems for the largest coin holder, MicroStrategy (MSTR);
→ Matt Hougan, Chief Investment Officer at Bitwise, warns that the market may be heading for a “full-blown” crypto winter rather than a simple correction.

Technical Analysis of the BTC/USD Chart

The price continues to move further away from the support level whose break we highlighted on 30 January.

At the same time, the market appears extremely oversold:
→ the price has fallen below the lower boundary of the previously drawn descending red channel;
→ the RSI indicator is forming bullish divergences.

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Under these conditions, it is reasonable to assume that the market may be setting up for a technical rebound. This scenario looks particularly plausible given the scale of long position liquidations — around $2.5 billion were wiped out on 31 January alone.

If a recovery does unfold, a key test of bullish intent will be the psychological $80k area, where bears previously held clear control while breaking below the lower boundary of the descending channel.

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This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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Survey Shows Crypto Investors Favor Infrastructure Over DeFi

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Survey Shows Crypto Investors Favor Infrastructure Over DeFi

A survey of senior crypto investors and executives suggests capital priorities are shifting away from decentralized finance (DeFi) and toward core infrastructure, as decision-makers focus on liquidity constraints and market plumbing. 

The findings come from a new report published by the digital asset conference CfC St. Moritz, based on responses from 242 attendees of its invitation-only event in January. Respondents included institutional investors, founders, C-suite executives, regulators and family office representatives. 

According to the survey, 85% of respondents selected infrastructure as their top funding priority, ahead of DeFi, compliance, cybersecurity and user experience. 

While expectations for revenue growth and innovation remain broadly positive, respondents flagged liquidity shortages as the industry’s most pressing risk. The results suggest that investor interest remains, but capital deployment is becoming more selective.

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Respondents on crypto innovation. Source: CfC St. Moritz

Infrastructure takes priority as liquidity concerns persist

Respondents pointed to market depth and settlement capacity as key bottlenecks preventing larger pools of institutional capital from entering crypto markets. 

About 84% of respondents described the macroeconomic backdrop as better than neutral for crypto growth, though many said existing market infrastructure remains insufficient for large-scale capitalization.

The survey also showed a change in innovation expectations. While a majority expects innovation to accelerate in 2026, fewer respondents anticipate a sharp increase compared to last year, suggesting a shift away from more speculative expectations toward execution-focused development.

This shift aligns with broader industry trends, including a focus on custody, clearing, stablecoin infrastructure and tokenization frameworks rather than consumer-facing applications. 

Related: CoreWeave shows how crypto-era infrastructure quietly became AI’s backbone

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US sentiment improves as IPO expectations cool

The survey found a sharp improvement in perceptions of the US regulatory environment, with respondents ranking the country as the second-most favorable jurisdiction for digital assets, behind the United Arab Emirates. 

CfC St. Moritz attributed the shift to stablecoin legislation and clearer rules for banks and regulated market participants. 

At the same time, expectations for crypto initial public offerings cooled after what respondents described as a record year in 2025. While most still expect listings to continue, fewer expressed high confidence, citing valuation resets and liquidity constraints.