Free-fall in Crypto currencies ends as bitcoin edges toward $10,000


Free-fall in Crypto currencies ends as bitcoin edges toward $10,000

The free-fall in cryptocurrencies over the past couple of weeks maybe in a rebound mode as it clinches towards $10,000 mark yesterday after sliding 18% last week.

FINANCIAL WATCH observed Bitcoin was trading at $9,483.1 by 3:45 GMT on the Bitfinex exchange, jumped 10.7% over the previous 24 hours.

Ethereum, the world’s second largest cryptocurrency by market cap, surged 5.8% at $719.99 on the Bitfinex exchange. Ripple’s XRP token was up 5.1% to $0.80500 on the Poloniex exchange.

Meanwhile, Litecoin was trading 5.5% higher at $186.07.

Finnish banks has blocked transactions from the local cryptocurrency exchange Prasos Oy, according to reports, which added that four out of the five banks that the Finnish-based exchange uses for their business has cut ties with it. A total of 23 countries including Nigeria has so far banned trading in cryptocurrencies.

Henry Brade, the Chief Executive Officer of Prasos, admitted that the growth of “international transaction volumes” has begun to “disturb banks”.

“We’ve realised that the growth in international transaction volumes started to disturb the banks. Along the way, we’ve been given very little information by the banks on what we could do to solve the problem,” said Brade.

Banks were distancing themselves from exchanges due to concerns of the troubles surrounding money laundering rules.

Free-fall in Crypto currencies ends as bitcoin edges toward $10,000


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