Bitcoin and Ether fell during Tuesday afternoon trading in Hong Kong, along with all other top 10 non-stablecoin cryptocurrencies by market capitalization. BNB, the native token of Binance, has been trading near its yearly low since reports emerged last week about the termination of the partnership between the cryptocurrency exchange and its U.K. payments partner.
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Bitcoin and Ether fall along with all top 10 cryptos
Bitcoin traded at US$26,088 as of 4:30 p.m. in Hong Kong after falling to a two-month low of US$25,409 last Friday.
Ether inched down 0.11% during afternoon trading in Asia to US$1,665 and was down 9.57% during the past week.
According to Phillip Lord, president of the crypto payment app Oobit, the crypto market needs more clarity on Bitcoin exchange-traded fund (ETF) applications to start gaining momentum.
The SEC delayed a decision on approving the spot Bitcoin ETF application of Ark Investment Management on Aug. 11, following a 21-day public consultation, a week before the agency announced that it will delay its decision on the pending Bitcoin ETF applications to 2024. The agency has accepted a total of six spot Bitcoin ETFs for review.
“The upward momentum will be reinvigorated once the fog of the [Securities and Exchange Commission’s] saga will be dispersed,” wrote Lord.
BNB fell 2.17% over the past 24 hours to US$208 on Tuesday, close to its yearly low of US$207 registered on Monday.
Binance has reportedly placed euro withdrawal limits in Europe on Sunday, due to mounting issues with its payments partners. Binance announced in June that it will change its euro banking partner, Paysafe Payment Solutions, from Sept. 25. On Aug. 17, London-based payment processor Checkout.com ended its partnership with the exchange due to concerns over money laundering and compliance. Binance contested these reasons, suggesting they might pursue legal recourse.
