Wednesday saw Bitcoin race to $69,000 — a new record high. Hours later, a brutal crash happened.
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What the #%&$ is happening with Bitcoin?!
It's been a crazy 24 hours for the crypto market. Wednesday saw Bitcoin race to $69,000 — a new record high. Hours later, a brutal crash happened. The world's biggest cryptocurrency rapidly sank to lows of $63,208.11. It's difficult to pinpoint the exact reason for this pullback. Traders might be taking profits off the table, or it might be linked to Evergrande, the Chinese property developer on the brink of default. Here's our analysis covering what's happened… and what lies ahead.
Does BTC have 'upper hand' over S&P 500?
In recent years, a correlation has formed between cryptocurrencies and stocks. If Wall Street crashes, BTC and ETH tend to suffer a similar fate. But Bloomberg's Mike McGlone believes the mood music is starting to change. He points to how Bitcoin suffered a 50% pullback earlier this year, before dusting itself off and surging to new all-time highs. Meanwhile, the S&P 500 index hasn't corrected by more than 10% since 2020. Find out his predictions for crypto if equities crash by 20%.
Twitter hires new leader for all things crypto
Jack Dorsey is driving Twitter further along the crypto adoption road, hiring an executive who will build a full crypto team. The social media network's CEO has hired industry veteran Tess Rinearson to build and lead a new Twitter Crypto team. Following the announcement, she posted: "We'll be working to figure out what crypto can do for Twitter, as well as what Twitter can do for crypto. Twitter truly 'gets' crypto (hello Bitcoin tipping & NFTs!) but there's so much more to explore here." Check our our story.
Carbon credit marketplace being built on Tezos
The University of Cambridge is building a decentralized carbon credit marketplace on the Tezos blockchain. It's hoped this will help finance "independently verifiable and accountable nature-based solutions" — supporting projects like rainforest conservation and reforestation. Tezos was chosen because it doesn't use an energy-hungry Proof-of-Work consensus mechanism like Bitcoin. Better still, XTZ is widely available on exchanges around the world. Here are the details.
Ripple encourages finance firms to offer crypto trading
International payments firm Ripple has announced a new product designed to give financial institutions an easy way to offer cryptocurrency trading to customers.
Ripple Liquidity Hub is a turnkey backend solution that will provide enterprise clients with "a groundbreaking new way for enterprises to easily and efficiently source digital assets from the broader crypto market." This new infrastructure is going to be available from 2022 onwards. Head to Alexandria for more information.
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