Bitcoin and ether remain positive during early trade
The most traded cryptocurrencies were in positive territory despite oil inflation fears
The most traded cryptocurrencies remained in positive territory during early trade on Tuesday.
The price of bitcoin (BTC) was up 0.2% over the past 24 hours and appeared to have recovered from last week’s dip – it was trading up 6.29% at around $34,671.94 according to CoinMarketCap. However, the price of bitcoin still represents a 40% fall in value since April.
Meanwhile, Ethereum (ETH) was up 6.54% at $1,984.48 according to CoinMarketCap, a rise 9.37% in the past seven days.
Cardano was up 0.88% on the previous day, but up 10.02% on the week at $1.34. Trade in tether was more muted, but it was only slightly off both the week and the previous day’s high at $1.0.
Prohibited in the UK
Despite Binance Markets being banned by the UK’s Financial Conduct Authority (FCA), binance cryptocurrency was up 1.92% on the previous day at $293.78, a rise of 5.48% in a week.
On Saturday 26 June, the FCA told Binance Markets, which is part of the Binance Group, that it “is not permitted to undertake any regulated activity in the UK” without prior written approval.
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Inflation and oil prices
Rupert Thompson, chief investment officer at Kingswood, told Currency.com markets were bracing themselves for a rise in inflation and were looking to Thursday’s OPEC meeting of oil producing nations.
He said: ”Inflation worries look set to continue over the coming months, with oil prices doing nothing to ease such concerns.
“The Brent oil price has increased 10% over the month to $78 a barrel, the highest level since 2018. This is on the back of expectations of a rebound in demand as economies reopen.
“Fears of an early return of Iranian exports have also faded with talks between the US and Iran on reviving the nuclear deal going nowhere fast, particularly with a hardliner now elected as the new Iranian president."
“Not only does central bank policy remain supportive for equities but a lot of investor cash is also still sitting in money market accounts.”