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Bitcoin smashes past $50,000, marking three month high

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Bitcoin has smashed through the $50,000 threshold for the first time in over three months

Bitcoin has smashed through its 3-month high of $50,000, as the cryptocurrency continues to rebound.

The world’s largest crypto is currently treading at $50,050 with market value up 2.5%. This comes as its highest point since May 15.

“It’s not the first time we’ve crossed this legendary milestone, but given the advancements in the industry lately, $50,000 certainly seems justified at this time,” said Mati Greenspan, CEO of Quantum Economics.

How did we get here?

In April, Bitcoin hit an all-time high at over $64,000. Over June and July, the price dipped as low as $30,000 as crypto traders sold off their savings. Since then, crypto has been steadily rising across the board.

Bitcoin’s market value is up 2.5%

This comes as Paypal announces it will be expanding its crypto services internationally.

Want to hear more about Crypto? Hear the latest from our resident experts on Ticker Crypto

Natasha is an Associate Producer at ticker NEWS with a Bachelor of arts from Monash University. She has previously worked at Sky News Australia and Monash University as an Online Content Producer.

Crypto

SWIFT could soon be opening up with blockchain assets after new deal

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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.

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Business

We know how the crypto market will recover, but when?

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$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.

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Business

Ex-Crypto boss Do Kwon denies he’s on the run

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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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