{"id":403845,"date":"2021-06-28T15:45:03","date_gmt":"2021-06-28T13:45:03","guid":{"rendered":"https:\/\/mybroadband.co.za\/news\/?p=403845"},"modified":"2021-06-28T15:49:14","modified_gmt":"2021-06-28T13:49:14","slug":"bitcoin-bounces-back","status":"publish","type":"post","link":"https:\/\/mybroadband.co.za\/news\/cryptocurrency\/403845-bitcoin-bounces-back.html","title":{"rendered":"Bitcoin bounces back"},"content":{"rendered":"

Bitcoin pushed higher as proponents took the U.K.\u2019s crypto crackdown in stride after the digital token traded above a key technical level over the weekend.<\/p>\n

The largest cryptocurrency advanced as much as 8% to $35,292 before trimming gains in New York trading. The broader crypto market also climbed, with the total valuation up about 5% to $1.44 trillion, according to CoinGecko pricing.<\/p>\n

In one of the most significant moves to date by a regulator amid a global crackdown, Binance Markets Ltd., an affiliate of top global crypto exchange Binance, was\u00a0banned\u00a0Sunday by the U.K. financial watchdog from doing any regulated business in the country. Huobi, one of the most popular cryptocurrency platforms in China, said Monday that users in the country are prohibited from trading derivatives.<\/p>\n

Crypto bulls often interpret tough regulatory action as a sign that the market is maturing. They also appeared to take further encouragement from Bitcoin\u2019s failure to breach the closely watched $30,000 support level over the weekend.<\/p>\n

\"Bitcoin<\/picture><\/figure>\n

\u201cWe\u2019re seeing the $30,000 level on Bitcoin being defended quite well with a number of tests at that level over the past month,\u201d said Vijay Ayyar, head of Asia-Pacific at crypto exchange Luno Pte. \u201cWe saw a lot of downward pressure on prices being defended, so this looks quite bullish at this point.\u201d<\/p>\n

Bitcoin has lost about half its value in recent weeks amid concern on its environmental impact and as regulators globally — notably in China — crack down on the industry. The digital currency reached a record near $65,000 in mid-April.<\/p>\n

For Luno\u2019s Ayyar, it is too soon to give the all-clear.<\/p>\n

\u201cOne more push down to $30,000 might not hold given the number of times we\u2019ve tested it and there\u2019s only so much liquidity there,\u201d he said. \u201cPost-$30,000 and we should probably see $24,000 to $25,000.\u201d<\/p>\n

Now read: Bitcoin exchange Binance banned in UK<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"

Bitcoin is standing strong despite regulatory headwinds in the UK and elsewhere.<\/p>\n","protected":false},"author":341034,"featured_media":401221,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[44696],"tags":[49375,187],"class_list":["post-403845","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-binance","tag-bitcoin"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/403845"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=403845"}],"version-history":[{"count":0,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/403845\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/401221"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=403845"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=403845"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=403845"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}