UK watchdog Financial Conduct Authority has banned cryptocurrency exchange platfrom, Binance. As a result, the price of Bitcoin has strengthened.
This cryptocurrency lord increased by 8 percent and traded around US$34,580 in New York. In addition, the valuation of the crypto market rose about 5 percent to US$1.44 trillion, according to CoinGecko.
Last Sunday (27/6/2021), British financial regulators banned Binance’s global affiliate from operating in Queen Elizabeth’s country.
Huobi, one of the most popular cryptocurrency trading platforms in China, says its UK users should not trade derivatives.
Crypto Market Already Strong?
Crypto market already strong is the result of cryptocurrencies that have continued to strengthen despite tough challenges from various countries.
The market also seems to have gotten a further boost from Bitcoin’s failure to breach the $30,000 support level over the weekend.
“We see the $30,000 level on Bitcoin holding up pretty well. With a number of tests at that level over the past month,” said Vijay Ayyar, Head of Asia-Pacific at Luno Pte.
“We’re seeing a lot of downward pressure on prices being sustained, so it looks quite bullish at this point,” he continued.
Bitcoin has lost about half of its value in recent weeks amid concerns about its environmental impact and as regulators globally – especially in China – are putting a spotlight on the industry. Bitcoin briefly hit a record close to US$65,000 in mid-April.