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Bitcoin, Cryptocurrencies Edge Higher

Published 03/05/2018, 12:38 AM
Updated 03/05/2018, 12:38 AM
© Reuters. Cryptocurrencies traded higher on Monday

© Reuters. Cryptocurrencies traded higher on Monday

Investing.com – Cryptocurrencies traded higher on Monday, after turning lower on Sunday following Bank of England Governor Mark Carney’s comment over the weekend that called for a regulatory crackdown on cryptocurrencies and warned of their failure as a medium of exchange.

“The time had come to regulate elements of the crypto-asset ecosystem to combat illicit activities, promote market integrity, and protect the safety and soundness of the financial system,” said Carney on Friday.

Bitcoin was trading at $11,537.0 by 12:30am ET on the Bitfinex exchange, up 2.92% over the previous 24 hours.

Ethereum, the world’s second largest cryptocurrency by market cap, gained 2.23% at $865.97 on the Bitfinex exchange.

Ripple’s XRP token, jumped 9.55% to $0.97500 on the Poloniex exchange.

Meanwhile, Litecoin was trading 2.59% higher at $211.86.

Btcxindia and Ethexindia, two Indian crypto token marketplaces that have over 35,000 members, received some attention today as they announced they would halt crypto trading starting from today.

Btcxindia has been operating for four years and is one of the country’s oldest Bitcoin exchanges. The exchange reportedly informed its members recently that they were aware of the Indian government's discouragement of crypto trading that has put their business “under a lot of stress.”

Starbucks’ executive chairman Howard Shultz also received some focus as he was quoted saying blockchain technology was something the U.S. companies would use in the near future, and reports suggested that he went on to hint about a potential blockchain mobile application.

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