06 Jul Crypto prices surge despite the unfortunate Binance saga
The price of bitcoin and Ethereum have hit record highs this week, and for good reason: During the last week of July, Binance, the world’s leading cryptocurrency exchange, announced that it was being hacked, resulting in a loss of millions of dollars’ worth of crypto. This has not been a good week for Binance, and, as such, the price of Ethereum has risen by 25%, while the price of bitcoin has risen by 40%. But is the price increase justified?
It has been a tough week for the crypto markets. The prices of Bitcoin, Ripple and other cryptocurrencies have dropped precipitously to almost one-year lows. Despite that, the recent surge in crypto prices received a shot in the arm when the news broke that Binance , one of the world’s largest cryptocurrency exchanges, was hacked for 4,000 BTC (around $40 million) . In this post, I will discuss how the crypto markets responded to the unfortunate Binance saga and what that means for the future of crypto
Cryptocurrency markets are in a constant state of hysteria and volatility, and prices are continuing to climb. It’s almost as if the markets are caught in a bubble, and no matter how much you try to explain to friends, family, and the news that this is a bad time to invest, they will not listen. If something is a bad time to make an investment decision, then it surely is a bad time to buy a house, a car, or even a cup of coffee, right?Summary of the situation
– Cryptocurrency prices are rising despite UK BML regulations.
– Binance Markets Limited has until Wednesday to register with the UK FCA.
Cryptocurrency prices started off on a high Monday, despite the gloomy outlook. Japan and the UK have tightened their regulations, this time affecting cryptocurrency platform Binance.
Bitcoin, however, rose 5.35% and dogecoin rose 5.12%. This suggests that both cryptocurrencies, whose prices have risen in the market, are not affected by the regulation.
Authorities in the UK and Japan have agreed to ban investors from contacting the Binance platform. This is due to complaints that the investment system is unregulated and lends itself to illegal trading.
Cryptocurrency prices rise after Binance warning
Alexandra Clark, a trader at GlobalBlock, said cryptocurrency prices rose in value in the early hours of Monday morning. Clark notes that bitcoin is approaching $35,000 after being in a downtrend for several days. By the weekend, bitcoin had dropped below $30,000, according to regulators.
Clark says these signals suggest that new investors are buying the token as it falls. The number of stable tokens in trade reached an all-time high of $17 billion. This shows that many independent companies and traders are entering the decentralized market.
Binance regulation – what does this mean for the cryptocurrency industry?
On Saturday, the UK FCA warned cryptocurrency investors about the actions of BML and Binance Group. The Financial Conduct Authority has announced that Binance Markets Limited is not licensed to operate in the UK. Without FCA approval, the platform cannot be operated in the European region.
This warning from the cryptocurrency platform is not unlike the one issued by Japan’s financial watchdog on the 25th. June published. The Japanese FSA pointed out that Binance offers investments in cryptocurrencies without the approval of the central authority.
In response to these allegations, Binance representatives explained that BML is a separate legal entity from the official site. Binance points out that the FCA UK cannot ban BML because the official website Binance.com does not offer its services.
Binance acquired Binance Markets Limited in May 2020, but it has not yet launched in the UK. Binance Group is based in the Cayman Islands, but BML is affiliated in London. These are two companies that operate separately under one agent who is authorized to trade cryptocurrencies.
Although the FCA does not directly regulate the prices of cryptocurrencies, it does require exchange companies to register with it. The FCA is asking Binance Markets Limited to register by Wednesday. Without registration, BML will not be able to officially trade within the UK borders for some time.Crypto prices are red hot this morning after the news of Binance’s controversial decision to halt deposits and withdrawals from its platform. Its not a great time for the cryptocurrency industry, with Bitcoin’s price plummeting to a new yearly low as its value struggles to recover after a brutal month of huge price drops. The drama took place on Sunday, when Binance announced that it would halt the trading of $250 million worth of BNB (Binance Coin) tokens. It stated that it would halt trading until the platform’s security was improved. The Binance community was understandably angry, however, and the exchange’s market cap dropped by more than $15 billion. The $BNB (Binance Coin) token also experienced a sharp price drop, down. Read more about crypto exchange outages and let us know what you think.
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