Business News Asia
Bitcoin and cryptocurrency prices continue to soar.
After the bitcoin price correction fell last month, the bitcoin price has increased by about 10% in the last 24 hours and climbed to the highest point in months.
This morning, the bitcoin price reached a high of $55,700, driving the market. The total crypto market has officially increased to $2.3 trillion after lows of $1.8 trillion last month.
The price rise was followed by some positive news around cryptocurrencies. The Federal Reserve and the SEC have announced no ban against cryptocurrencies, but want to regulate the market as much as possible. It is still questionable how this should look.
Bank of America, the second-largest bank in the U.S., released a report on digital assets that said, “It’s too big to ignore that Bitcoin is so important.”
Cryptocurrency markets have gained momentum this year with the growing interest in decentralized finance, or DeFi around the use of crypto technology to reshape traditional financial services.
The NFT market is growing at an astonishing rate. Its value increased by $107 billion in the third quarter of this year. This represents an increase of more than eight times over the previous quarter.