Cryptocurrency: Expert discusses success of Bitcoin
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Doge declined in value by 9.1 percent, from $0.264 at 9.30am on Thursday to $0.240 at 7.00am this morning.Bitcoin also had a bad start to the morning, falling 3.3 percent from $33,876 at 0.15am to $32,774 at just before 7am.
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It’s rival Ethereum dropped 4.9 percent, from $2,135 at 1am to $2,031 around 7am this morning.
On Thursday Mr Musk posted two tweets about Doge, a cryptocurrency he has taken a keen personal interest in.
Previously the billionaires Twitter comments have had a dramatic impact on the value of Doge.
The differing fortunes for the cryptocurrencies has given fears and hopes to something termed ‘The Flippening’.
This is the long-awaited switch where Ethereum becomes more valuable than Bitcoin.
Bitcoin’s price has fallen again but the value of Ethereum has risen (Image: GETTY)
On Wednesday, Ethereum overtook Bitcoin in daily active addresses for the first time, according to analysts.
The number of daily active addresses reached above 649,000, while Bitcoin fell to around 580,000, analytics firm Santiment reported.
Cryptos were also dealt a huge blow this week after the Financial Conduct Authority (FCA) banned Binance, which is one of the world’s biggest crypto exchanges, from carrying out any regulated activity in Britain.
This has now lead to a number of crypto asset firms abandoning their attempts to register with Britain’s financial regulator in a bid to fight back against the intensifying global scrutiny.
Since January, crypto-related firms have had to register with the FCA, but only six have registered so far, and around 64 have withdrawn their applications since the announcement.
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KEY EVENTS Dogecoin fall by 9.1 percent despite Musk tweets 08:36 Bitcoin plunges 3.3 percent 07:21 Bitcoin price plunges more than four percent 09:22 Bitcoin tumbles to $35,000 07:08 Ripple (XRP) surges 12 percent today 16:24 Bitcoin rises 12:41 Dogecoin price surges 10:26 Ether up 4.34% 08:55 Ethereum up 11 percent in the last 24 hours as ‘London Fork’ upgrade looms 15:34 Bitcoin down 1.4% 13:14 Bitcoin up 1.5% 09:35 20:56 Payments app Strike has launched a Bitcoin service for customers with no extra fees Announcing the development today, Strike said it had launched a “Bitcoin Tap” feature which would make the cryptocurrency acquisition cheap, simple, reliable and secure.
Those who want to buy bitcoin on the platform will not incur additional fees outside the market spread.
This feat is different from other crypto trading platforms such as Coinbase who have not yet been able to achieve it.
18:30 Ethereum could soar to $20,000 in 2025 amid ‘major changes’ The second-largest cryptocurrency after bitcoin, Ethereum, has risen in value in recent months.
Starting the year at under $1,000 per token, the crypto soared through $4,000 and has continued to climb alongside bitcoin and other major cryptocurrencies.
One expert panel has now predicted the price could soar above $20,000, with the potential for even more increases.
The panel averaged that ETH could reach $19,825 by 2025, with many crypto experts predicting Ethereum will be the most widely transacted digital coin by the end of 2022.
Panel member and BitBull Capital chief operating officer Sarah Bergrstrand said: “We are likely to see major upgrades to the Ethereum network this year, and those can be expected to push the price higher.”
16:56 Dogecoin expected to rebound following Elon Musk’s tweet, according to an analyst The cryptocurrency is predicted to surge past the $1 (£0.73) following the Tesla boss’s tweet earlier today.
Over recent months, the meme cryptocurrency suffered a turbulent ride and slowly dropped after reaching an all-time high in May.
This afternoon, the bitcoin sat at a mere $0.24 (£.17) having temporarily rallied yesterday following a number of tweets by the Tesla CEO.
Now, an analyst believes it is going to rebound.
Writing for CryptoNewsZ, David Cox stated: “How much the coin will be worth by the end of this year could be answered as the price of Dogecoin might hover around the $1 mark.
“The minimum expected Dogecoin price would be around $0.90 (£0.65).
“It is likely to cross the $0.80 (£0.58) mark soon as the coin is constantly breaking the all-time high, as this is the year of cryptocurrencies.
“The price of Dogecoin has been showing a tremendous growth over the last few days as Elon Musk’s continuous support.”
15:27 Europe’s leading physical bitcoin group will go carbon neutral BTCetc – ETC Group Physical Bitcoin (BTCE) is set to become the first bitcoin exchange trade product (ETP) to go carbon neutral.
The group will offset its carbon footprint and will fund a number of projects to offset all of its bitcoin-related Scope 3 emissions.
BTCE continues to be Europe’s most heavily trade physically-backed bitcoin ETP.
13:20 Dutch football club forms Bitcoin partnership Dutch football club AZ has formed a partnership with Bitcoin Meester, a cryptocurrency exchange platform.
The deal will make AZ the first Dutch club with Bitcoin on its balance sheet.
In a statement they said: “Both AZ and Bitcoin Meester are confident in the future of bitcoin.
“That is why part of the sponsorship amount is paid in the digital currency.
“AZ will leave this on the balance sheet during the collaboration and is the first Dutch club to do so.”
12:11 Bitcoin hits $33,000 The value of Bitcoin reached $33,088 at 12:10pm, recovering some of its earlier losses.
However overall Bitcoin value remains on track for a record second-quarter decline.
10:59 Australian regulator launches crypto consultation A consulataion into cryptocurrencies have been launched by the Australian Securities and Investments Commission (ASIC).
This could determine whether crypto is counted as an underlying asset.
In a statement the ASIC said the are: “Aware of interest in, and demand for, domestic cryptoasset ETPs.
“However, we are also aware of the real risk of harm to consumers and markets if these products are not developed and operated properly.”
09:51 Speculation rises over ‘digital dollar’ There is growing speculation authorities in the US could launch a “digital dollar”, to compete with Bitcoin and other cryptocurrencies.
Writing for Forbes market expert Bryan Rich said: “It seems clear that global governments will not allow non-sovereign forms of money to continue to proliferate.
“The Senate Banking committee’s hearing on the digital dollar two weeks ago was not only a public exploration and introduction to the concept a central bank-backed digital currency, the hearing was also used as a platform to publicly assassinate the viability of the private (“bogus” in the words of Senator Warren) cryptocurrency market (bitcoin, stablecoins, etc.).”
08:36 Dogecoin fall by 9.1 percent despite Musk tweets Dogecoin fell 9.1 percent between 9.30am on Thursday and 7.00am on Friday.
The meme coin is now valued at $0.240.
Earlier this year Elon Musk suggested Dogecoin could become the ” currency of the internet”,
07:21 Bitcoin plunges 3.3 percent The value of Bitcoin fell by 3.3 percent between 0.15am and 7am this morning.
The cryptocurrency went from $33,876 to $32,774 over this period.
Bitcoin has lost nearly half its value since hitting $65,000 in April.
21:53 Bitcoin company Hut 9 purchases more than 11,000 rigs for $44million Hut 8 Mining Corporation has announced a $44million purchase of 11,090 WhatsMiner MicroBT M30S, M30S+ and M31S bitcoin mining rigs from Hong Kong-based company SuperAcme Technology.
The North American company plans to employ the almost 12,000 rigs in a 100 megawatt facility being planned, which is reportedly being developed alongside Validus Power.
According to its website, the bitcoin mining company currently has two farms in Alberta, Canada.
This comes as Chinese miners are being forced to relocate their operations overseas following the government’s crackdown on bitcoin.
19:23 Bitcoin’s all-time high is ‘not the peak’, according to a new poll The all-time high in mid-April was around $64,000 but according to a majority of respondents in an online poll, this is not the peak of bitcoin’s current cycle.
More than 30,000 followers of bitcoin price analyst PlanB were asked whether they thought April’s record was the “top for this cycle”.
Nearly two-thirds said they thought they were seeing a mid-cycle dip but predicted more gains to come in 2021.
17:42 US senator calls for people to buy bitcoin and save it for retirement US senator, Cynthia Lummis, has revealed she has invested more than $100,000 in the cryptocurrency and is said to be planning to buy and save more.
The Republican lawmaker urged other people to buy bitcoin.
She told the CNBN Financial Advisor Summit: “I would like to see cryptocurrency, like bitcoin, become part of a diversified asset allocation that are used in retirement funds and other opportunities for people to save for the future.
“So whether you’re an employee that has a retirement fund – I’d like to see those retirement funds invested in bitcoin and other cryptocurrencies that are good stores of value – but I’d also like to see individuals be able to use bitcoin and cryptocurrencies of their preference that are safe, that have met the hurdles of anti-money laundering and Bank Secrecy Act, but that allow people to use their cell phones to send stores of value, bitcoin, to each other.”
16:29 Elon Musk influence on Dogecoin wanes despite brief surge Elon Musk prompted the bitcoin to rise this morning after he tweeted “release the doge”.
However, the current price shows the Tesla boss has failed to encourage longer-term interest or growth.
Experts have predicted Doge is not finished with the cryptocurrency market just yet, however.
Algorithm-based forecasting service, Wallet, predicted Dogecoin could still hit the dollar mark.
However, backers will have to wait quite some time for results.
15:40 Britain’s financial watchdog bars major cryptocurrency exchange Binance Binance – which is headed by Canadian Changpeng Zhao – is growing in popularity in Britain.
The app has been downloaded 1.8million times this year alone in the UK.
Britain’s Financial Conduct Authority (FCA) said last week Binance’s UK arm cannot conduct any regulated activity, without saying why it took the action.
Crypto trading is generally unregulated in Britain, though some activities such as offering crypto derivatives do require permission.
“It’s very difficult,” said Simon Treacy, senior lawyer at Linklaters.
“(The FCA) don’t have jurisdiction over the whole of Binance’s operations, so they use the point where they do have jurisdiction and put pressure on the business there.”
13:30 Dogecoin price surge following more tweets from Elon Musk Dogecoin’s price has suddenly surged after yet more tweets from cryptocurrency fan Elon Musk.
The Tesla founder first posted a Godfather meme with the caption: “Release the Doge!”
Shortly afterwards, Mr Musk tweeted lyrics to a crypto-themed parody of the earworm children’s hit Baby Shark.
Dogecoin’s value has increased 2.62 percent to more than $0.25 over the past 24 hours.
12:11 Bitcoin price hovering just above $33,000 The price of Bitcoin is still hovering just above $33,000 following more uncertainty for the cryptocurrency.
Its value is currently standing at $33,312 according to CoinDesk – down 4.34 percent over the past 24 hours.
All other major cryptocurrencies have also fallen during this time period.
Ethereum is down by just under one percent to $2,127.64, while Dogecoin has fallen slightly by 0.29 percent to $0.25.
11:17 Hundreds of US banks open up Bitcoin to 24 million customers Around 650 US banks are set to allow their customers to buy bitcoin directly through their accounts- without the need to go through a cryptocurrency exchange.
The deal between payments firm CR, community banks and digital asset management company NYDIG will open up Bitcoin purchases to 24 million customers.
NCR president of digital banking Douglas Brown told Forbes: “We’re firm believers in the benefits of crypto and the strategic application.
“We have broader ambition to do a multitude of things with crypto that will extend into our multi-vertical markets, retailers and restaurants.”
09:22 Bitcoin price plunges more than four percent Bitcoin’s price has plummeted even further and is edging closer to being down five percent over the past 24 hours.
Its value has dipped by 4.67 percent to just $33,462.65, according tro CoinDesk, as the world’s most popular cryptocurrency continues to struggle.
The latest price is almost half of the record high of $63,300 it hit in mid-April.
08:41 Top US diplomat hopeful El Salvador and IMF will come to agreement on Bitcoin A top US diplomat is hopeful El Salvador and the International Monetary Fund (IMF) will agree a financing deal following the country’s move to make Bitcoin a legal tender.
The Congress in El Salvador has approved President Nayib Bukele’s proposal to embrace the cryptocurrency and would become the first country in the world to adopt Bitcoin as legal tender.
Talks the IMF and El Salvador are continuing, but the IMF has reiterated it remains worried over the move from the country.
Victoria Nuland, US undersecretary for political affairs, met with President Bukele on Wednesday as part of her tour to the region.
The Central American country is in negotiations with the IMF for a near-$1 billion financing agreement.
07:03 Bitcoin’s price continues to plunge Bitcoin’s price has continued to fall as the world’s most cryptocurrency continues to struggle.
The cryptocurrency’s value has fallen to $34,419.07 according to CoinDesk – down 1.45 percent over the past 24 hours.
It had been as high as $35,211.66 at one point on Wednesday morning.
22:21 Bitcoin price latest Bitcoin is currently trading at $34,791.70 and is down 3.97 percent in the last 24 hours, according to CoinDesk.
Ethereum is trading at £2,258.95 and is up 2.90 percent in the last 24 hours.
21:13 Ethereum overtakes bitcoin in daily active addresses
Ethereum has overtaken bitcoin in daily active addresses for the first time, according to analysts.
The number of daily active addresses reached above 649,000, while bitcoin fell to around 580,000, analytics firm Santiment reports.
20:06 Coinbase boss speaks of cryptocurrency app store
Coinbase CEO Brian Armstrong has spoken of the need for a cryptocurrency-version of Apple’s App Store.
He said: “Apple didn’t attempt to build every app for the iPhone, it empowered developers and gave mobile users an easy way to access new innovative apps.
“We need to do the same in crypto.
There is now 10s of billions of dollars of economic activity running on dApps, and a new trend coming out every three months.
“We’ll work to give our users easy access to all of the from the main Coinbase product.”
17:18 El Savador starts installing bitcoin ATMs
El Savador has started installing 1,500 bitcoin ATMs after the country set out plans to approve the cryptocurrency as legal tender earlier this month.
Athena Bitcoin director Matias Goldenhörn said El Salvador’s President Nayib Bukele “presented us with a tough challenge of 1,500 ATMs”.
He added: “We will go for that, but in phases.We are a private company and we want to ensure that our development in the country is sustainable.”
16:22 Major cryptocurrency exchange fixes glitch
Major cryptocurrency exchange Binance has said sterling withdrawals from its platform had been reactivated, with users also able to buy digital coins with debit and credit cards.
Binance customers said on Tuesday they were unable to deposit or withdraw sterling from the platform, days after regulators in Britain cracked down on some of its activities in the country.
Users of the exchange, one of the world’s biggest, said they were unable to withdraw or deposit sterling via the Faster Payments network – which enables mobile, internet and other payments between British bank accounts – or bank cards.
A Binance spokesperson said withdrawals via the Faster Payments network were reactivated on Tuesday, adding that bank card purchases of crypto were again possible.
14:23 Ethereum could end up exceeding Bitcoin – expert Ethereum could end up exceeding Bitcoin according to a cryptocurrency expert.
Speaking to Express.co.uk Billy Bambrough warned against assuming Bitcoin will always retain its current dominance.
He said: “It’s perfectly possible the market value of Etherium or any of the others could far exceed Bitcoin’s value.”
12:38 Bitcoin falls below $35,000 The value of Bitcoin has fallen further to $34,633 from $35,035 earlier this morning.
The cryptocurrency has declined substantially since April, when it reached highs of $65,000.
11:29 Asset manager issues Bitcoin warning A top asset manager has said she is “skeptical” about Bitcoin’s future as a payment system.
Francesca Fornasari, head of currency solutions at Insight Investment, delivered the warning.
She commented: ” We’re skeptical in terms of the ability of Bitcoin to take over as means of payment.”
10:07 Bitcoin billionaire dies aged 41 Bitcoin billionaire Mircea Popescu has drowned off the coast of Costa Rica according to local media reports.
The crypto invester was an early adopter of Bitcoin and promoted the virtual currency via his blog.
Former CoinDesk editor-in-chief Pete Rizzo tweeted: ” Mircea will endure as one of bitcoin’s most vilified figures and inarguably one of its greatest philosophers.”
08:53 Bitcon to remain Bitcoin will remain a “risky and speculative investment” according to Randal K Quarles, a member of the US Federal Reserve’s Board of Governors.
Speaking at the 113th Annual Utah Bankers Association Convention he said: ” Unlike gold, however, which has industrial uses and aesthetic attributes quite apart from its vestigial financial role, Bitcoin’s principal additional attractions are its novelty and its anonymity.
” The anonymity will make it appropriately the target for increasingly comprehensive scrutiny from law enforcement, and the novelty is a rapidly wasting asset.Gold will always glitter, but novelty, by definition, fades.Bitcoin and its ilk will, accordingly, almost certainly remain a risky and speculative investment rather than a revolutionary means of payment.”
07:08 Bitcoin tumbles to $35,000 The value of Bitcoin has fallen to $35,035 since the day began (UK time).
It had been on $35,904 at midnight.
Bitcoin has fallen dramatically from its high point of over $60,000 in April.
20:34 Institutional investment in cryptocurrency sector increases Institutional investors have become more interested in the crypto sector.
This week has seen an announcement by Germany’s Deutsche Börse has taken a majority stake in Crypto Finance AG of Switzerland.
The Swiss firm provides services to institutional investors trading in digital assets.
16:48 Coinbase up up nearly 4 percent today Cryptocurrency exchange Coinbase sharre price is up nearly 4 percent today.
Price per share as of time of filing is 255.85 USD, +9.16, up 3.71percent.
16:24 Ripple (XRP) surges 12 percent today Ripple (XRP) is in a highly bullish condition, with bid orders pouring in, Ripple will likely retest the 70.5 percent Fibonacci retracement level at $0.783.
16:23 Ripple (XRP) surges 12 percent today ahead of upcoming airdrop The upcoming Flare Network, a start-up backed by Ripple, seeks to devise a two-way bridge connecting XRP to the Ethereum ecosystem by integrating the Ethereum Virtual Machine into its digital framework.
Those with XRP in the Uphold mobile wallet can take advantage of the upcoming Flare Network airdrop.
Speaking to Express.co.uk, Josh Greenwald, Uphold Chief Risk Officer said: “We’re expecting mainnet launch in July.Uphold is working towards having support for Flare as soon as possible after their launch both in terms of providing each customer their airdrop tokens and supporting on and offboarding.
We’re especially excited to see the launch of FTSO and fAssets and the early dapps that they empower.”
14:37 Cryptocurrencies ‘virtually impossible’ to crackdown on The Chinese government’s move harmed confidence in the currency, but experts believe this is where the influence of these threats end.
Andrea Barbon, Professor of Economics at the University of St Gallen, is one of them.
He told Express.co.uk decentralised currency is, by nature, near impervious to attempted crackdowns.
Attempts will only serve to bolster trust in the decentralised method, in the end, he said.
Dr Barbon said: “Cryptocurrencies’ primary purpose is to avoid government censorship, and their decentralised nature makes it virtually impossible for ‘crackdowns’ to be effective.
“The longer-term impact of government attempts to control cryptocurrencies might be positive, as they showcase the censorship-resistance of blockchain technology.”
13:57 Binance customers blocked from card withdrawals The Telegraph reported that c ustomers wanting to withdraw money earlier today given the warning: “This payment channel is closed for maintenance.”
Card withdrawals were the only way left for customers to withdraw funds after the Faster Payments network, which is used by banks to process money transfers, was also suspended on Binance yesterday.
12:41 Bitcoin rises Bitcoin is at $35,664.60
10:26 Dogecoin price surges The dogecoin price is back above $0.25.
It comes following plans for a huge new update to its network being published.
The Fee Policy change proposal proposes seeing the cost of a standard dogecoin transaction, which currently stands at 1 DOGE, decrease by 100-times.
The proposal said: “Since inception, the goal of dogecoin has been to be accessible to everyone, but with current exchange rates, transacting DOGE is kept artificially higher than instated on bitcoin’s and litecoin’s chains.”
09:36 Can you still use Binance in the UK? Although the FCA does not regulate the trade of cryptocurrencies, exchanges that list virtual currencies are required to register with the FCA.
Binance drew the FCA’s ire by not registering with the regulator.
According to Alexandra Clark, Sales Trader at the UK based digital asset broker GlobalBlock , the ban effectively prevents Binance from advertising or carrying out regulated activities in the UK.
She said: “This comes after Japan’s Financial Services Agency warned last week that Binance was conducting unauthorised trade in cryptocurrencies with Japanese citizens.”
Binance, however, has informed its clients the FCA ban will not have a “direct impact” on its services.
08:55 Ether up 4.34% Ethereum was at $ 2,132.67 at 8.56am, up 4.34 percent.
08:36 Cryptos branded July’s Scam of the Month Adam Speakman, head of fraud and investigations at Metro Bank, told Express.co.uk: “Fraud related to Cryptocurrency is so prevalent, a number of British banks are preventing their customers from transferring funds to crypto trading platforms.
“However if consumers follow our simple steps and make the appropriate checks before investing – like they should with any other investment opportunity – they can reduce the fraud risk, however the risks associated with any investments still exist.”
People are advised when choosing to invest to r esearch the organisation thoroughly.
Also, check consumer-protection websites and independent reviews.Many cryptocurrencies are not registered with Financial Conduct Authority.Always use a firm that is on the FCA register .
Metoro Bank added that no matter how professional looking the website is, if you are being offered significant high returns, or out of the blue contact promising big profits – this is potentially a scam.If it sounds too good to be true, it usually is.
Also, celebrity endorsement does not mean the opportunity is genuine and do n’t respond to cold calling or uninvited approaches.
08:10 Bitcoin crackdown sparks fears over dirtier mining China’s ban on cryptocurrency mining delivered a blow to an industry criticised for its environmental impact, but emissions from the sector could grow as a result unless other countries follow China’s lead, climate and tech experts said.
Bitcoin’s value tumbled last week after China’s central bank urged banks and payment firms in the country to crack down harder on cryptocurrency trading, in the latest tightening of restrictions on the sector by Beijing.
It comes as Bitcoin and other cryptocurrencies are created or “mined” by high-powered computers competing to solve complex mathematical puzzles, which guzzle energy and fuel planet-warming emissions unless they consume electricity from renewable sources.
Pete Howson, a senior lecturer in international development at Northumbria University, warned cutting off access to China’s power grid, with its plentiful supply of affordable renewable energy, could push miners towards dirtier sources of electricity.
He said: ” China produces enormous amounts of cheap hydroelectricity, especially in Sichuan province – all of which is now pretty much off limits to bitcoin miners.”
21:25 El Salvador bitcoin experiment could see country become ‘Switzerland of Latin America’ Ray Youssef, CEO of peer-to-peer crypto exchange Paxful, speaking coinesk said: “I really see El Salvador as being the Switzerland of Latin America, if this experiment goes successfully.”
On September 7, El Salvador will become the first country in the world to adopt bitcoin as legal tender.
21:17 The Bitriver data centre in Siberia is attracting bitcoin miners with cheap ‘green’ power The Bitriver data centre provides CO2-free power, internet connection, and maintenance services to an international network of clients looking to mine bitcoin.
20:13 Bitcoin and Ethereum are leading a market-wide recovery The cryptocurrency price has been boosted by news from Mexico that a major bank will accept bitcoin, as well as positive developments elsewhere in the world.However misleading reports concerning the crypto exchange Binance appears to have stalled the bounce back on Monday morning.
19:04 The third richest man in Mexico said Banco Azteca will accept bitcoin Mexican billionaire Ricardo Salinas said, “me and my bank (Banco Azteca) are working to be the first bank in Mexico to accept #Bitcoin.”
Banco Salina will be the first Mexican bank to accept bitcoin.
18:55 ETH up staggering 16 percent – ‘Ethereum huge upgrade is coming’ The London Hard-Fork could come by the end of this week.It is one of the Ethereum upgrades with lots of improvement protocols.
This will see a set limit on transaction fees.
17:19 American Football star Tom Brady sends a message to crypto markets with ‘Laser eyes’ bitcoin tweet The US star who recently came out as a bitcoin bull acknowledged that prices have dropped since he revealed his support for the cryptocurrency publicly.
Brady changed his Twitter profile photo to include “laser eyes” in May.
Many bitcoin enthusiasts show their “laser focus” to reveal themselves as BTC proponents.
Mr Brady’s tweet read: “Alright the laser eyes didn’t work.Anyone have any ideas?”
16:40 Morgan Stanley report they own shares in Grayscale Bitcoin Trust Morgan Stanley Europe Opportunity Fund has reported that they now own 28,289 shares of Grayscale Bitcoin Trust as of April 30th.
The Grayscale bitcoin dollar value is $1,325,339.
Morgan Stanley allowed Bitcoin exposure for a slew of mutual funds back in April, including Institutional Fund, Variable Insurance Fund, Institutional Fund Trust, and others.
15:34 Ethereum up 11 percent in the last 24 hours as ‘London Fork’ upgrade looms A major Ethereum upgrade via the London hard fork is coming in July.
Experts call this a ‘seismic shift’ for the industry.
Alan Chiu, CEO at Enya.ai, which provides layer 2 scaling services for Ethereum, in an interview with Forkast.News said: “Ethereum’s a huge driving force in the blockchain industry and probably one of the dominant chains that users interact with typically through some sort of DeFi product or an NFT product.”
15:10 India has been allocating billions into cryptocurrencies according to recent data According to data by Chainanalysis, a prominent blockchain analysis firm, crypto investment in India grew from somewhere around $200 million to close to $40 billion within the last year.
Popular crypto-exchnage Binance has already entered the Indian market in 2019, with their acquisition of WazirX, India’s largest crypto exchange.
14:06 Fintech warning In response to the UK’s crackdown on Binance, Mode CEO Ryan Moore warned ” fintech innovation must not be at the expense of transparency and regulatory oversight”.
He told Express.co.uk: “Fintech innovation and disruption must not be at the expense of transparency and regulatory oversight.
“That’s why we decided to list on the London Stock Exchange in 2020 and why we applied for AMLD5, the anti-money laundering requirement for businesses conducting cryptoasset activities in the UK, which we were granted last week.
“Mode is one of only three UK companies to have achieved this.
“The regulatory process is not always easy – nor should it be – and we’ve been working closely with the FCA since our listing to ensure that we’re embracing the appropriate standards.
Smart but effective regulation is needed to protect consumers whilst empowering businesses to build the technology of tomorrow.”
13:14 Bitcoin down 1.4% Bitcoin was down 1.4 percent at around $34,200.
12:30 ETH could soar to $20,000 in 2025 Panel member and University of East London senior lecturer Iwa Salami said: “[DeFi], which is so far building an alternative financial system that is more accessible and democratised, is largely built through decentralised applications on the Ethereum network.
“These developments indicate the future of finance and are very promising, and well-balanced regulation would facilitate the credibility of this growing industry.”
12:10 Bitcoin down Bitcoin was at $ 34,202.70 at 11.09am.
10:13 Bitcoin rises amid Binance ban Vijay Ayyar, head of Asia-Pacific at crypto exchange Luno Pte, told Bloomberg: “We’re seeing the $30,000 level on Bitcoin being defended quite well with a number of tests at that level over the past month.
“We saw a lot of downward pressure on prices being defended, so this looks quite bullish at this point.”
09:35 Bitcoin up 1.5% Bitcoin was up 1.5 percent at around $35,100
08:31 Bitcoin mistake warning Bitcoin price has suffered a huge hit over recent weeks due to China’s crypto mining crackdown.
Elon Musk’s concerns over bitcoin’s energy use has also helped wipe more than $1 trillion from the market.
Michael Saylor, the chief executive of business intelligence software company-turned bitcoin accumulator Microstrategy, has warned this could be a “trillion-dollar” mistake.
He told Bloomberg: “I think, given the bitcoin growth rate, this will prove to be a trillion-dollar mistake for China.
“It’s a tragedy for Chinese miners [and] it’s a geopolitical mistake for China the country – but I suppose they could afford to make a trillion-dollar mistake.”
08:13 Cryptos start week with a bounce Cryptocurrencies hung on to a bounce from weekend lows this morning.
However, they were still tracking towards a second monthly loss.
Bitcoin last traded at $34,281, while ether fetched $1,973.
This is not far from Tuesday’s three-month low of $1,700.
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