Ethereum extends gains to rise 8%; bitcoin firms By Reuters

Ethereum extends gains to rise 8%; bitcoin firms

ForexMay 31, 2021 08:25AM ET

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Ethereum extends gains to rise 8%; bitcoin firms

LONDON (Reuters) - Cryptocurrency Ethereum extended gains to rise more than 8% on Monday to $2,587 but remained 40% below a record high of above $4,300 hit earlier this month.

At 1153 GMT, it was trading up 7.4% at $2,565.69.

Larger rival Bitcoin also gained in its wake with the world's biggest and best-known cryptocurrency rising 3.7% to $36,977 in quiet trading with London and U.S. markets shut for holidays.

Bitcoin has been less volatile in recent days but is down by more than 35% this month, weighed by growing regulatory pressures on the sector.

Latest positioning data for the week ended May. 25 confirmed the trend with net short positions nearly doubling from the previous week, which was the smallest net short since late March last year.

In the latest salvo against the cryptocurrency, Bank of Japan Governor Haruhiko Kuroda said much of the trading was speculative. His remarks followed China's recent efforts to crack down on mining activities.

It is currently trading at levels last seen in February and at roughly half its peak value of $65,000 seen in April.

Brazil's Federal Revenue now requires citizens to pay taxes on like-kind crypto trades By Cointelegraph - May 25, 2022

Brazil's Federal Reserve (RFB) has declared that Brazilian investors in the crypto-asset market must pay income tax on transactions that involve the like-kind exchange of...

Binance signs MOU with Kazakhstan to further crypto adoption and regulation By Cointelegraph - May 25, 2022

Cryptocurrency exchange Binance has signed a memorandum of understanding, or MOU, with the government of Kazakhstan to bolster “virtual asset market development” in the...

Price analysis 5/25: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, AVAX, SHIB By Cointelegraph - May 25, 2022

Bitcoin (BTC) has been struggling to sustain above $30,800 since May 16, suggesting that demand dries up at higher levels. Similarly, U.S. equity markets have not ceased to decline...

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Comments (1)

Alan Rice May 31, 2021 5:40PM ET

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