DUBAI: Bitcoin, the leading cryptocurrency internationally, traded higher on Monday, rising by 5.56 percent to $30,691.86 as of 12 p.m. Riyadh time.
Ether, the second most traded cryptocurrency, was priced at $1,906.18 up by 6.66 percent, according to data from CoinDesk.
Bitcoin rose for a third day, breaking through the $30,000 mark.
Although Bitcoin’s dominance has increased recently, some altcoins outperformed, with Avalanche up 6.6 percent and Cardano up 8.6 percent, Bloomberg reported.
Due to high inflation and a pivot toward rate-hiking cycles, Bitcoin has been stymied in recent months and digital assets have also suffered from the collapse of the Terra ecosystem, said Bloomberg.
A record-high correlation between the Nasdaq 100 and the tech stocks faltered over the weekend, demonstrating that it behaves like a risk asset.
“This is the type of de-correlation nobody wanted,”Antoni Trenchev, co-founder and managing partner of crypto lender Nexo said in a statement.
Late last week, prices in Bitcoin broke lower after 2 weeks of sideways churn inside a “pennant.”
Bloomberg said that unless the token does not reclaim $30,200, bears will continue to hold the upper hand — but if $28,000 is broken, $25,000 could be in focus again.
Anything below about $25,400 puts the 2017 peak — just below $20,000 — in play, Bloomberg concluded.
Pay with crypto at Dubai hotel
Following Binance’s launch of a crypto-to-crypto payment gateway for hotels, guests at The Manor by JA in Al Furjan will be able to pay with alt-currencies according to a statement.
Binance, a cryptocurrency exchange that runs blockchain infrastructure, will facilitate settlements. BNB, Bitcoin, and Ethereum will be supported by the crypto-to-crypto gateway.
It can be accessed through The Manor’s official website, and follows strict security measures to protect customers’ and business owners’ rights.
Binance registers with Italy’s regulator
On Friday, Binance reported that its legal entity in Italy had been registered with the country’s regulator, as the major cryptocurrency exchange looks to expand in Europe, Reuters reported.
Binance Italy’s recent registration could make the company more accountable and reduce money laundering risks.
The company said it could now open offices in Italy and expand its local team. According to the Organismo degli Agenti e dei Mediatori, which regulates the crypto industry in Italy, the company is one of 14 virtual asset operators.
Binance’s CEO, Changpeng Zhao, said earlier this month that the company has also registered with France’s market regulator. As well as Switzerland, Sweden, Spain, the Netherlands, Portugal, and Austria, Binance seeks registration in those countries as well.
With inputs from Reuters