Bitcoin investors have been partying with the crypto’s recent rise, but is that about to be short lived?
Bitcoin pulled back on Tuesday after a nearly 20% rise over the past week.
The cryptocurrency was trading at around $45,000 at press time and is down 2% over the past 24 hours, compared with a nearly 1% loss in ether over the same period.
Analysts remain optimistic about bitcoin despite regulatory uncertainty in the U.S. regarding crypto tax rules.
BTC and ETH options strategy
Bullish sentiment is rising in the options market for bitcoin and ether.
“There’s been a spike in demand for near-term options as BTC and ETH obliterated their multi-month price ranges,” Delphi Digital tweeted. “Both assets seem to be in a strong uptrend, and speculators have been buying short-term options.”
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SWIFT could soon be opening up with blockchain assets after new deal
SWIFT could soon open up even further with blockchain assets
The financial telco is teaming up with the blockchain oracle network, Chainlink.
The pair are working on a proof-of-concept, which would allow SWIFT to allow token transfers across a range of blockchain environments.
The company believes this will give financial institutions the chance to become blockchain-friendly, without higher costs.
It’s not the first time these two firms have worked together. In fact, another proof-of-concept around bond issuance was tested around five years ago.
We know how the crypto market will recover, but when?
$2.2 Trillion Institutional Crypto Price Prediction Reveals Bitcoin And Ethereum Could Be Poised For Recovery
The crypto market took a huge hit after the Federal Reserve’s announcement of quantitative easing, but one analyst is predicting that both bitcoin and ethereum could stage a recovery in the near future.
According to a report from investment firm JP Morgan, the two largest cryptocurrencies by market capitalization could see prices rise to $14,000 and $3,900 per coin, respectively.
This would represent a significant rebound from their current levels of around $10,000 and $200.
The report cites the recent influx of institutional investors into the crypto space as a key driver of this price growth.
With more and more big money players getting involved in crypto, JP Morgan predicts that the market could soon see a “new paradigm” of price discovery.
So far, crypto has been largely driven by retail investors, who are often more prone to emotional buying and selling.
With institutional investors coming in, there could be more stability in the market and less volatility.
JP Morgan’s report is just one of many bullish crypto predictions that have come out in recent months.
With more and more mainstream companies and financial institutions taking crypto seriously, it seems that the once-niche market is finally coming into the mainstream.
Ex-Crypto boss Do Kwon denies he’s on the run
Do Kwon is denying reports he is on the run
The founder of Terraform Labs denied reports he is on the run from South Korean authorities.
It follows an international arrest warrant being issued for the cryptocurrency executive
Kwon’s company was behind the algorithmic stablecoin terra and its sister token luna, which collapsed in value from around $60 billion to nearly nothing in May.
The collapse of these tokens caused a ripple effect throughout the cryptocurrency industry, with those exposed to terra and luna, including Three Arrows Capital, feeling the pain.
Kwon insists that he is not fleeing from authorities and is cooperating with investigators.
Some analysts say this case highlights the risks associated with investing in cryptocurrency.
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