The cryptocurrency market has stabilised after beginning the week on a sluggish note. Popular virtual coins have gained further on Wednesday after rising marginally a day ago.
Leading the pack is the world’s most popular cryptocurrency, Bitcoin, gaining 1.18 per cent from its price 24 hours ago. The cryptocurrency was trading $35,000 by 11:35 am. At the moment, Bitcoin is up nearly 30 per cent from the year’s low of $27,734 hit on January 4.
Ether also gained marginally to cross $2,130, rising marginally by 0.35 per cent. All other smaller cryptocurrencies have gained in the range of 0.30 per cent to over 3 per cent. However, Dogecoin, which had gained sharply last week, seems to be struggling this week.
While cryptocurrency prices have been gaining over the past two days, virtual coins face considerable risk at the moment. Following the Chinese crackdown, UK’s Financial Conduct Authority (FCA) seems to have started a fresh crackdown on the “risky” asset.
Britain’s FCA has ordered major cryptocurrency exchange Binance to stop undertaking any regulated activity in the country, saying the firm lacked authorisation. It has triggered panic among a growing number of cryptocurrency asset firms.
“No other entity in the Binance Group holds any form of UK authorisation, registration or licence to conduct regulated activity in the UK,” the FCA statement said.
Mexican financial authorities have also issued a warning about cryptocurrencies, citing several risks associated with virtual coin trade.
There have been positive developments as well. Germany’s financial market watchdog BaFin granted cryptocurrency exchange Coinbase permission to provide crypto custody services and proprietary trading.
Here are the latest prices and trends of popular cryptocurrencies:
|Cryptocurrency||Price (US Dollar)||24-hour change||Market cap (Billion)||Volume (24 Hours)|
Meanwhile, Australia’s securities regulator said today that it would consult market participants on proposals to identify appropriate crypto assets and set up good market practices for financial instruments that expose them to digital currency-backed assets.
The move comes as governments and regulators worldwide try to regulate the digital assets industry in the wake of rising investor attraction towards cryptocurrencies.