Crypto Market: Bitcoin Gains Slightly Higher
- Bitcoin and other cryptocurrency prices on Friday made minimal gains.
- India’s central authorities are seeking to impose bans on virtual although they are determined to pursue the use of blockchain technology.
- The Department of Financial Services has approved the virtual currency license to a Bitcoin ATM operator
CRYPTO MARKET – On Friday, Bitcoin along with other cryptocurrency prices increased slightly higher. Meanwhile, India is planning to impose a ban on virtual coins, according to reports. Consequently, this garnered attention.
As of 1:22 AM ET (05:22 GMT), Bitcoin was trading at $6,418.40 on the Bitfinex exchange. Further, the digital coin surged 0.5%, making a continuous pace towards a relatively subdued period.
Since October 16, Bitcoin was unable to trade outside the $6,200-to-$6,800 range. Bitcoin recorded a drop of 3.8% at October close.
Aside from Bitcoin, the major cryptocurrency prices likewise climbed.
As the second largest cryptocurrency by market cap globally, Ethereum made a 1.1% trade higher to $200.2. In the previous month, Ethereum made a 14.7% loss.
Meanwhile, XRP traded at $0.46200, increased 1.3%. The digital coin declined 22.1% in October. As a result, XRP was the worst-performing digital currency last month.
Litecoin made an increase of 2.1% at $51.101.
The central authorities of India have expressed plans of imposing a ban on virtual coins. This was according to Press Information Bureau’s (PIB) press release.
Based on the statement, Indian regulators would continue to pursue the use of blockchain technology. Despite this, the regulators are seeking to ban “private” virtual coins.
Meanwhile, Cryptovest implied that Indian authorities are not interested to completely close the door on central bank digital currencies (CBDC).
Crypto Market: New York regulator approves a virtual license to Bitcoin ATM operator
On Thursday, the Department of Financial Services has granted the virtual currency license of Coinsource Inc. Through this, New Yorkers can now use their mobile phones to buy or to sell bitcoin for cash at kiosks similar to ATMs.
Coinsource is a Texas-based bitcoin teller machines operator. Further, it has a total of 40 bitcoin kiosks in New York City, Westchester, and Nassau Counties.
Coinsource allows customers to insert cash and purchase bitcoin that they can store on their mobile wallet. Moreover, the company also permits customers to sell bitcoin for cash by scanning their mobile wallet at the kiosk.
“Today’s approval is a further step in implementing strong regulatory safeguards and effective risk-based controls while encouraging the responsible growth of financial innovation,” said Financial Services Superintendent Maria T. Vullo.