Popular cryptocurrencies remain under pressure on Monday after failing recovering losses marginally during the weekend. However, virtual coins have failed to keep up the momentum today due to volatility.
Bitcoin, the world’s most popular cryptocurrency, fell 3.5 per cent from its value on Sunday. At 1:15 pm, the virtual coin was trading at $34,215.38. Its closest rival Ether was down nearly 3 per cent.
Other popular cryptocurrencies including XRP, Cardano, Dogecoin, Stellar, Uniswap, Chainlink, Polkadot and Litecoin also fell as negative sentiments overpower the virtual coin market.
The reason why virtual coin investors have been nervous is due to regulatory scrutiny against major cryptocurrency exchange Binance.
Last week, Britain’s financial watchdog barred Binance from carrying out regulated activities. It was the latest in a string of moves against the platform by authorities across the world.
It may be noted that Binance is one of the biggest virtual coin exchanges in the world. The company’s trading volumes in June were $662 billion, up almost 10-fold from July 2020, according to a Reuters report, based on data from CryptoCompare.
The fact that Binance has a huge presence across the world, the scrutiny against it has led to increased volatility in the virtual coin market. Some countries that have initiated action against Binance included Britain, Japan and Thailand.
In fact, Thailand financial authorities have filed a criminal complaint against Binance. Thailand’s Securities and Exchange Commission (SEC) said in a statement that Binance had been