Today’s Crypto Prices Saturday 11 June 2022: Bitcoin and Ethereum Stay in the Red Zone

Purebun.com – Today’s Crypto Prices Saturday 11 June 2022: Bitcoin and Ethereum Stay in the Red Zone.

The price of bitcoin and other top-tier cryptocurrencies continued their correction in Saturday morning trading (11/6/2022). The majority of top-tier cryptocurrencies including bitcoin and ethereum are compactly lower.

Based on data from Coinmarketcap, Saturday morning, June 11, 2022, the cryptocurrency with the largest market cap, bitcoin (BTC) has slumped 2.78 percent in the last 24 hours. Over the past week, the price of bitcoin fell 1.93 percent. Currently, the bitcoin price is in the position of USD 29,148.17 or around Rp. 426.03 million (assuming an exchange rate of Rp. 14,616 per US dollar).

Likewise ethereum which is in the red zone. The price of ethereum (ETH) has fallen 5.9 percent in the last 24 hours. In the past week, the price of ethereum plunged 6.01 percent. Now, the price of ethereum is in the position of USD 1,669.61 or around Rp. 24.39 million.

The next cryptocurrency BNB price is in the green zone in the last 24 hours. BNB prices edged up 0.04 percent. Over the past week, the price of BNB has shrunk by 3.78 percent. Currently, the price of BNB is at USD 287.47.

Cardano (ADA) prices have fallen 9.16 percent in the last 24 hours. However, over the past week, cardano prices have actually strengthened. ADA prices rose 3.22 percent. Currently, the price of ADA is at USD 0.5748.

Meanwhile, the price of solana (SOL) weakened. In the last 24 hours, the price of solana has fallen 7.33 percent. This pushed the price of solana to USD 37.06. In the past week, the price of solana fell 2.76 percent.

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The price of dogecoin shrank 4.98 percent in the last 24 hours. During the week, the price of Dogecoin (DOGE) fell 6.18 percent. Now, the price of Dogecoin is traded at USD 0.07538.

Moreover, the price of XRP has slipped 4.45 percent in the last 24 hours. During the week, the price of XRP slumped 2.06 percent. Now the price of XRP is in the position of USD 0.3822.

Meanwhile, stablecoin Tether (USDT) has weakened a limited 0.01 percent in the last 24 hours. Over the past week, the USDT price edged up 0.01 percent. Currently, the price of tether is in the position of USD 0.9992.

In addition, the price of USD Coin (USDC) has been in the green for the last 24 hours. In the past week, the price of USDC edged down 0.01 percent. Now the price of USDC is at USD 1.00.

On the other hand, the price of Binance USD (BUSD) edged up 0.04 percent in the last 24 hours. Over the past week, the price of BUSD has lost 0.17 percent. Binance USD price is at USD 0.9996.

Kraken Crypto Exchange Expansion to UAE, Global Business Competition Heats up

Today's Crypto Prices Saturday 11 June 2022 Bitcoin and Ethereum Stay in the Red Zone

Previously, US cryptocurrency exchange Kraken expanded into the Middle East and will open its regional headquarters in Abu Dhabi after receiving a full license to operate a regulated trading platform in the UAE.

The managing director of Kraken for Europe, Middle East and Africa, Curtis Ting said that his party is very pleased to be able to expand into the Middle East region.

“We are very pleased to be able to set up our operations right on ADGM (Abu Dhabi Global Market) itself to operate a virtual asset platform that is finally offering Dirham pairs to investors in the region,” said Ting quoted from Bitcoin.com, written Saturday (11/6). /2022).

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After securing regulatory approval from ADGM and the Financial Services Regulatory Authority for its local launch, Kraken will be the first cryptocurrency exchange to offer direct funding and trading of UAE dirhams against Bitcoin, Ether and various other virtual assets.

“For us, it is very important to facilitate access to global markets and global liquidity by ensuring that investors and traders in the region have access to local currencies,” said Ting.

Kraken, which launched in 2011 and operates in more than 60 countries, said the UAE’s launch marked a broader game into an increasingly lucrative region.

More Competition

The Middle East is one of the fastest growing cryptocurrency markets in the world, making up 7 percent of global trading volume, according to Chainalysis.

Binance, the world’s largest crypto exchange by trading volume, is among those also considering a greater presence in the Middle East, where cryptocurrency trading is becoming increasingly mainstream.

Binance was granted approval to operate in Abu Dhabi in recent weeks, and will recruit more than 100 positions in the country.

Another crypto exchange, Bybit was also given approval to open a headquarters in Dubai last month, while FTX also received a virtual asset license in Dubai and will soon set up a regional headquarters.

Binance Ready to Expand in Europe

Recently, Binance announced that its Italian legal entity has registered with the regulator in the country, as major cryptocurrency exchanges seek to gain traction in Europe.

Reporting from Channel News Asia, Tuesday (31/5/2022), the registration of Binance Italy, which was established in recent months, has the potential to make the company more accountable and reduce the prospect of money laundering.

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Binance says it can now open an office in Italy and expand its local team. The company is one of 14 virtual asset operators registered with the Organismo degli Agenti e dei Mediatori (OAM), which regulates the crypto industry in Italy.

The move comes nearly a year after Binance was forced to roll back its product offerings across Europe after coming under scrutiny from regulators. In Italy, the company had to discontinue its futures and derivatives business.

Earlier this month, Binance Chief Executive Officer Changpeng Zhao said the company had also been registered with the French market regulator. Binance is also seeking registrations in Switzerland, Sweden, Spain, the Netherlands, Portugal and Austria.

Broker Dealer

Throughout 2022, Binance has greatly boosted its expansion to various parts of the world. A few months ago, Binance managed to get a temporary green light from regulator Abu Dhabi, deepening its expansion in the Middle East.

The company said it was granted approval by the Financial Services Regulatory Authority of Abu Dhabi Global Markets to operate as a broker-dealer in digital assets.

The company said the move was the first step towards becoming a “fully regulated virtual asset service provider” in the city.

This is the second city to be approved by Binance. Previously, Binance received a crypto license in Dubai in March 2022. This move also came after Binance was legalized in Bahrain by the country’s central bank.

Binance has been trying to push its expansion into the Middle East market after getting a cold reception in several other countries.

 

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