The price of bitcoin is making a comeback to $50,000 as of October 5, marking the first time since El Salvador legalized the world's biggest cryptocurrency as legal money in December. Bitcoin has fallen from more over $52,000 per coin on September 7 to less than $40,000 per coin, a loss of almost 17 percent. Ethereum prices were up a smidgeon at $3,393.9, while Cardano prices fell almost 1 percent to $2.20, according to CoinMarketCap.
Blockchain technology could prove transformative for industries, including financial services. A primer on technology, sponsored by the Organization for Economic Co-operation and Development, was recently published. It highlights the array of opportunities and challenges that blockchain's popularity could have on the financial industry, among many other fields. A blockchain is a shared ledger of transactions between parties in a network. It can diminish the role of intermediaries in the transfer of data. The Organization for Economic Cooperation and Development (OECD) sees far-reaching potential for blockchain in the global economy. Blockchains can vary in the way they operate. One of the prime strengths of a blockchain is its immutability. Once a transaction is made to the ledger, it can not be undone. The first U.S. bitcoin futures exchange-traded fund became available in October 2021. Forty percent of fund selectors report that clients are increasingly demanding cryptocurrency
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