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BNP Paribas Joins JPMorgan’s Blockchain Network Onyx

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Today’s Cryptocurrency Headline

French banking giant BNP Paribas has joined JPMorgan’s blockchain-based fixed income trading network Onyx. The Onyx digital asset network uses tokens for short-term trading in fixed income markets, enabling investors to lend out assets in just a few hours without actually leaving the balance sheet. Since its launch in 2020, the Onyx network has conducted around $300 billion in intraday repo transactions. Goldman Sachs has also previously used JPMorgan’s network for repo transactions.

BingX’s Bitcoin Chart

Source: TradingView & BingX

According to CoinShare, Digital asset investment products saw outflows totalling US$141m last week. Total assets under management (AuM) are now at US$38bn, their lowest point since July 2021. Bitcoin is down 3.81% over the last 24 hours and fell to an intraday low of $28,843.00. Bitcoin has been trading in a tight range between $28,500 and $30,000 over the past week, and managed to hold the price above the $28,000 support level, indicating the bulls are buying around this level. For now, the buyers need to push the price back above the $30,000 key level, and if they manage to do that, the BTC/USDT pair could rally to the 20-day exponential moving average (EMA) ($31,408).

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