Bitcoin Rise Show Crypto Has Hit Floor

The recent rise of bitcoin and ether suggests that crypto prices have found their floor value, JP Morgan said on Monday, according to a report by Business Insider, which noted that bitcoin had surged 36% from mid-June, and ether 102%, returning cryptocurrencies to a total market value of $1 trillion.

It said the key driver of this rise may be the “Ethereum merge” – which aims “to transfer the ethereum blockchain away from a proof-of-work network and instead to a proof-of-stake system”, because the latter is seen as faster and more efficient in terms of energy consumption when mining, the report said, following positive results from the Ropsten testnet in June and the Sapolia testnet in July.

Read the full report: Business Insider.

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Alfie Habershon

Alfie is a Reporter at Asia Financial. He previously lived in Mumbai reporting on India’s economy and healthcare for data journalism initiative IndiaSpend, as well as having worked for London based Tortoise Media.