Bitcoin Edges Higher; Hong Kong’s SFC to Keep an Eye on Crypto

Published June 28th, 2018 - 08:06 GMT
Crypto prices were under pressure in recent weeks, with Bitcoin falling 70% from its December high just short of $20,000. (Pixabay)
Crypto prices were under pressure in recent weeks, with Bitcoin falling 70% from its December high just short of $20,000. (Pixabay)

Bitcoin prices edged higher on Thursday, while reports that Hong Kong’s Securities and Futures Commission (SFC) said it would close a close watch on cryptocurrencies received some moderate focus.

Bitcoin was trading at $6,114.1 by 11:34PM ET (03:34 GMT) on the Bitfinex exchange, up 0.4% over the previous 24 hours.   

Ethereum, the world’s second largest cryptocurrency by market cap, edged up 0.6% to $433.95 on the Bitfinex exchange. 

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Ripple’s XRP token gained 2.6% to $0.46541 on the Poloniex exchange. 

Meanwhile, Litecoin jumped 6.0% to $80.06. 

The SFC would remain “vigilant in policing the market” and monitor how it develops over time, the regulator said in an annual report published on Wednesday, in which it offered some insights into its new policy on ICOs and cryptos.

“New technologies provide convenience for investors but come with risks. We keep a close watch on cryptocurrencies and initial coin offerings, intervening where appropriate. We also launched the SFC regulatory sandbox for qualified firms to conduct regulated activities utilizing financial technologies,” the regulator wrote.

The SFC took regulatory action against a number of local exchanges in February this year due to unsatisfactory cybersecurity standards, according to reports.

Meanwhile, the South Korean government also announced that it would begin monitoring any bank accounts used to work with cryptocurrencies.

Crypto prices were under pressure in recent weeks, with Bitcoin falling 70% from its December high just short of $20,000.  

Ethereum and Litecoin plunged more than 7% on Wednesday, although reports that Facebook (NASDAQ:FB) is reversing its ban on crypto advertisements provided some support for crypto prices later in the day. Facebook said it would allow advertisers that are preapproved by the social network to proote crypto services.  

Ads promoting binary options and ICOs, initial coin offerings, are still banned. 


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