In cryptocurrencies, Bitcoin, ether prices were trading with gains today however dogecoin was trading slightly lower. As per CoinDesk data, The world’s largest cryptocurrency by market capitalization was up over 1% to $34,240. Ether, the coin linked to the Ethereum blockchain surged over 4% to $ $2,324. Dogecoin and Cardano were trading slightly lower at $0.23 and $1.42 respectively.
Bitcoin is up over 17% this year whereas ether, the second largest cryptocurrency is 212% year-to-date (YTD), CoinDesk data showed. Bitcoin has been stuck in a range of about $30,000 to $40,000 for weeks after dropping from its record near $65,000 reached in mid-April.
Cryptocurrencies fluctuated after China’s central bank and a regulator in the capital city took action against a company that was allegedly providing cryptocurrency-related services. Financial and payments institutions should not directly or indirectly provide virtual currency-related services, the PBOC and the Beijing regulator said in a statement. It named marketing, promotion and display, and location-setting among prohibited activities.
China has increased its focus on the cryptocurrency industry, adding restrictions on mining, trading and other services, as well as issuing cautions to entities like banks that might facilitate such transactions. Many miners have shut down or are trying to move out of the country, and mining metrics have showed the decreased activity.
In a separate news, Cryptocurrency exchange Binance will suspend euro bank deposits from one of Europe’s key payments networks, the Financial Times reported on Tuesday, citing an email sent to users by the exchange.
It said that from 8 a.m. universal coordinated time on Wednesday, customers would no longer be able to deposit funds through the Single Euro Payments Area, or Sepa, schemes, according to the newspaper. The move was due to “events beyond our control”, the exchange said in the email cited by the FT, reported Reuters.
(With inputs from agencies)
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