Countries and large corporations are increasingly tightening the noose around cryptocurrency regulations and outright banning related services and products. An interesting phenomenon, however, is the resilience of the crypto market. Even as some giants announce restrictions, the prices of crypto continue to rise. But what’s the story behind this? Here’s our wrap-up for crypto news today.
Crypto News Today: Major Bank Blocking Crypto
Chase UK, an arm of the globally renowned JPMorgan, has officially halted its customers from purchasing cryptocurrencies. According to a recent statement, starting from October 16, clients of Chase UK won’t be able to execute crypto transactions either via their debit card or through outgoing bank transfers.
The reason cited for this drastic step is the escalating use of cryptocurrencies by fraudsters to extract considerable amounts of money from unsuspecting individuals. This alarming trend is backed by data from Action Fraud, the UK’s official fraud reporting center. They reported a staggering 40% increase in UK consumer losses due to crypto fraud last year, which surpassed the £300 million mark for the very first time.
Highlighting the widespread concern, Chase UK’s data indicated that crypto scams contributed to over 40% of all the crimes reported in England and Wales last year. This alarming trend isn’t unique to Chase UK. Other banking institutions like NatWest have already set caps on the amounts their customers can send to crypto exchanges, while HSBC and Nationwide have also ushered in similar crypto-related purchase restrictions.
Crypto Price Update: Why didn’t Crypto Price Crash?
Intriguingly, despite these significant banking institutions clamping down on crypto, the overall crypto market hasn’t shown signs of distress. In fact, crypto prices have surged by an average of 0.8% in the last 24 hours.
Crypto Price Prediction: Is it a Good Time to Buy Cryptos?
Historically, financial markets have shown that purchasing at consolidation and support levels can be a strategic move. For traders and investors, this ensures a higher probability of prices rebounding. Concurrently, to mitigate the risks associated with sudden market crashes, integrating a stop-loss trigger adjusted to individual risk appetites is advisable.
In essence, the dynamics of the crypto market, even in the face of adversities, underscore its robustness and the enduring faith of its participants. Whether it’s the perfect time to buy cryptos is subjective and depends on individual risk tolerance and market outlook. But it’s undeniable that, as always, strategic buying and a well-calibrated safety net can pave the way for potential rewards in the volatile world of cryptocurrencies.