After China’s crackdown on cryptocurrencies, crypto markets take another huge blow – this time in one of its largest markets, the UK. Last weekend, the UK’s Financial Conduct Authority (FCA) ordered Binance to delete all ads and financial promotions before June 30th. The FCA stated that no Binance Group companies are allowed to conduct regulated activities in the UK and that Binance Markets Limited is not authorized to do business in the UK
To get the green light for crypto-related businesses in the UK, companies must register with the FAC, which is responsible for preventing money laundering and terrorist financing. So far, however, only six companies have passed registration with the FAC, and 64 cryptocurrency firms have withdrawn their applications. Meanwhile, UK-based Binance is reportedly suspending fiat withdrawals and deposits, raising concerns about a cryptocurrency crackdown.
The UK isn’t the only country imposing stricter regulations on crypto-related businesses. Japan, one of the most crypto-friendly countries, only issued warning notices to Binance a few days ago. Mexico’s finance minister Arturo Herrera said a few days ago that cryptocurrencies are banned in the Mexican financial system. In addition, the use of stablecoins is also prohibited under Mexican law.
After China’s strictest crackdown on Bitcoin, the number of active Bitcoin addresses has plummeted. The number of active Bitcoin addresses reached 1.4 million at the height of the bull run, but now the number has dropped to around 853k.
Source: BTC: Active addresses count on CoinQuant.com
The recent price crash is one of the main reasons for the decline in the number of active addresses. When the market collapses, weak hands flock to the payout, which in turn drives the price down further. Even if Bitcoin has bounced back over the past week, investors may still be skeptical of the market and don’t want to hit the road again. The lack of interest in Bitcoin trading makes Bitcoin prices more fragile and the market more volatile.
In 2020, cryptocurrencies have received significant support from institutional investors. In addition to Tesla, several institutions including MicroStrategy have invested billions of dollars in cryptocurrencies, and traditional financial firms like PayPal and Goldman Sachs have also started offering crypto-related services. However, crypto assets are facing strong resistance from governments and central banks interested in introducing their own digital currency. If country regulations tighten further, Bitcoin can reach lower price ranges in the short term.
Bexplus offers an Ethereum price prediction, how to mine litecoin and xrp price prediction, to help users stay up to date on the cryptocurrency industry.
How to invest in the downside?
Although Bitcoin risks another drop in price, you can still make a profit from it. Futures trading is one of the most popular tools to grow your wealth. You can take advantage of price fluctuations to make money by speculating on the direction of the crypto price. Bexplus is a leading crypto derivatives platform accredited by MSB (Money Services Business). Bexplus offers 100x leverage in BTC, ETH, LTC, Dogecoin and XRP futures contracts.
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Practice Your Skills: A Demo Account
Successful traders are those who can learn to analyze the market and keep a clear head at all times. The best way to improve your skills and mindset is to practice in the free demo account.
Each user gets 10 BTC to start with and these are refillable so you can try different strategies as often as you want.
Make a deposit and claim bonuses
No deposit fee is required. You can start your deposit at 0.001 BTC. To help traders get more profits, Bexplus offers every trader a 100% deposit bonus. Deposit 1 BTC and get 2 BTC and up to 10 BTC is available for each deposit. The bonus is not withdrawable but can be used as margin.
Earn passive income with Bexplus
If you don’t trade, you can transfer your BTC to the interest-bearing wallet and receive up to 21% annualized interest.
Interest is calculated daily and the proceeds of the deposit are accounted for monthly. The monthly interest is calculated at (S * I / 365 * 30) = MI. S stands for the sum of the deposit, I for interest and MI for the monthly interest.
The crypto market is full of opportunities, don’t hesitate to join and claim your profit!