The beginning of October 2020, has brought high activity for crypto. We've seen major events this week with the FCA announcing the ban on the sale of crypto-derivatives to retail consumers in the UK. One of the most popular payment protocols Ripple threatening to move its HQ from the US due to excessive regulation . Once previously opposed to crypto-assets, China has been held responsible for the large increase in crypto adopters and Bitcoin sees 72 days above $10,000.
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Big News Around Crypto Regulation in the UK
As predicted FCA is introducing compliance oversight of crypto assets within the United Kingdom, a move welcomed by and the market in general. Over the last two years, the FCA has made several policy changes including rigorous registration procedures for UK providers, clarification on which crypto assets are regulated investments and are now also in the review of financial promotions offered from crypto-asset providers. .
China’s Pro Bitcoin
Once opposed to the use of crypto assets, China's traditionally hostile attitude has pivoted. In fact, Chinese authorities launched a “targeted marketing campaign” — in favour of crypto. Reports show they are responsible for the uptake of 22,000 new entities created in a single day, which could have translated to price gains.
Ripple Considers Relocating
One of the most popular crypto payment protocols Ripple, claims they are considering moving the Headquarters from the United States, due to crippling regulatory requirements.
BTC Longest Run Above 10k
The resistance above 10k lasted months, but BTC has seen above the 10k mark now for nearly 2 months, this is the longest time in its history that bitcoin has performed stably above $10,000:
What did you think of this week's developments? Which story sparked your interests the most? See you next time for our weekly low down on crypto and blockchain growth. We look forward to discussing the week ahead.
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