Britain’s watchdog Financial regulator (FCA) ordered the Binance cryptocurrency exchange to cease all regulated activities in the country, saying the company lacks approval. The Exchange may not conduct regulated activities without the prior written consent of the FCA.
Mexican billionaire Ricardo Salinas Pliego said his banking business might start taking advantage Bitcoin, making it the first bank in the country to start accepting the cryptocurrency. He is the third richest Mexican with an estimated net worth of over $ 15.8 billion.
Before that, Bitcoin will become legal tender in The saviour, another South American country in September. It is the first nation to elevate the digital token to the status of a currency.
“The large sell-off across the crypto spectrum observed last Friday seems to have subsided for the time being. Volume data from various exchanges shows that several investors bought the collapse of the markets over the weekend. However, it cannot be described as bullish momentum as the Markets “are clearly sectoral,” said Edul Patel, CEO and co-founder of Mudrex.
“BTC started the day a good 5 percent higher than the day before. Altcoins continue to be under selling pressure. Overall, a consolidation of the markets is to be expected in the short term. ”
At home, Bitcoin is becoming the new gold among Indian households. The cryptocurrency lover’s mantra that digital currency equals digital gold is winning among the world’s largest owners of the precious metal converts.
In India, where households own more than 25,000 tons of gold, investments in crypto rose from about $ 200 million to nearly $ 40 billion last year, according to Chainalysis.
Tech View by Siddharth Menon, COO WazirX
The Bitcoin chart formed the double bottom pattern known for trend reversal. The RSI breaking the trendline can be a confirmation of the trend reversal.
$ 28,850 is the support level and $ 41,331 is the resistance level for Bitcoin. Exceeding these levels could confirm the further trend of Bitcoin.
Crypto veteran Bobby Lee says the recent drop of 50 percent from Bitcoin’s all-time highs does not reflect past market spikes, and he expects to expect Bitcoin price $ 100,000 to see by the end of this year.
(The views and recommendations in this section are the analysts’ own views and recommendations and do not reflect those of ETMarkets.com. Please consult your financial advisor prior to entering into any position in any of the above assets.)