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SWIFT Set to Revolutionise Banking with 2025 Digital Asset Trials
- SWIFT is set to trial the use of digital currencies across its network in 2025. Financial institutions in North America, Europe and Asia will use SWIFT’s network to explore the integration of digital assets including cryptocurrencies like Bitcoin. The trials will cover payment, foreign exchange, securities, and trade use cases. The aim of the trial is to provide banks with the ability to transact seamlessly using digital assets. SWIFT hosts a messaging network for banks to transfer money globally.
- SWIFT aims to address fragmentation in the digital asset space leading to many isolated platforms, labelled as digital islands. The apps developed tend to function independently of each other thereby, hindering the widespread adoption of digital assets in the banking industry. This trial is expected to simplify global financial institutions' dealing in both digital and traditional forms of currency value.
- The SEC has filed an appeal against Ripple labs ongoing lawsuit, contesting XRP's classification as a non-security token in July, which was partially granted by the courts. It maintains XRP's security status in the sale of institutional investors. The appeal has broader implications for future regulatory frameworks worldwide for cryptocurrencies. Ripple’s value fell over 3% in response to the appeal.
- The cryptocurrency market is anxiously awaiting a breakout in Bitcoin past its previous high of $64k. The market remains in flux with hesitancy from investors due to low volume and a lack of momentum. Historically, when Bitcoin retests its previously set high, investors anticipate a significant breakout. However, this time, the lack of momentum has created uncertainty as investors prepare for the next phase of Bitcoin's price action.
- With October traditionally receiving positive gains in Bitcoin trading, this year, many macroeconomic factors have influenced the market's consolidating wedge pattern. Analysts believe that this pattern could indicate growing volatility, which may lead to either an impending breakout or a breakdown.
- As election cycles tend to bring heightened volatility to the crypto and traditional markets due to the uncertainty around policies and economic direction, analysts anticipate price fluctuations in Bitcoin over the next few months.
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