The price of bitcoin is once again on the ascendency, jumping by nearly 10 per cent overnight to take it back above $35,000 on Monday morning.
Other leading cryptocurrencies have benefitted from a resurgent crypto market, with all of the top 10 most valuable cryptocurrencies seeing gains at the start of the week.
Ethereum (ether) saw the biggest boost, jumping by nearly 20 per cent since Saturday.
Bitcoin’s return to the green has been partly spurred on by news from Mexican billionaire Ricardo Salinas that the bank he founded, Banco Azteca, could become the first in Mexico to accept the cryptocurrency.
In less positive news, leading crypto exchange Binance has been forced to respond to reports that it could be banned in the UK. A statement read: “The FCA UK notice has no direct impact on the services provided on Binance.com.
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Binance ‘ban’ confuses UK users
A ruling from the UK’s Financial Conduct Authority (FCA) that bans leading crypto exchange Binance from conducting any “regulated activity” in the country has prompted fears that users will not be able to access their accounts.
The FCA notice only concerns Binance Markets Limited (BML), which is yet to launch its UK business. This means the ruling will have no direct impact on anyone using the exchange from the UK.
“Our relationship with our users has not changed,” the Cayman Islands-based firm tweeted. “We take a collaborative approach in working with regulators and we take our compliance obligations very seriously.”
Part of the FCA announcement also warned people to be weary of any adverts promising high returns from cryptocurrency investments.
Anthony Cuthbertson28 June 2021 12:181624877514
Mexico billionaire plans bitcoin bank acceptance
Mexican billionaire Ricardo Salinas Pliego is working towards making his bank the first in his country to accept bitcoin.
A significant chunk of his wealth is already tied up in bitcoin, having previously said in an interview last week that “all of bitcoin’s benefits, in my opinion, are sufficient to make it the modern world’s gold”.
Mexico’s third wealthiest person, whose net worth is $13.2 billion, was responding to a tweet from MicroStrategy CEO Michael Saylor, whose own company has invested billions of dollars into bitcoin.
Salinas also tweeted Saylor to say: “I really hope your big ‘all in’ bet with MicroStrategy pays off. BALLS OF STEEL.”
— Ricardo Salinas Pliego (@RicardoBSalinas) June 27, 2021
Bitcoin price back in the green
Bitcoin is currently leading a market-wide recovery that has seen several leading cryptocurrencies jump by between 5-20 per cent since the weekend.
The turnaround appears to have been sparked by news out of 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.
We’ll be bringing you all the latest developments right here throughout the day.
Anthony Cuthbertson28 June 2021 11:43