8.00am MORNING HEADLINES
Good morning, and welcome to our rolling coverage of all things cryptocurrency, including price, regulation, innovation and financial crime.
Bitcoin is priced at $6,464 at the start of the day after falling from its high of $6,628 last night.
Ethereum has fallen a little to $462, and Ripple is priced at $0.48, down from $0.50 yesterday.
Bitcoin was boosted yesterday after the Financial Times revealed that Switzerland could yet become the global capital for crypto with the emerging industry getting full access to conventional banking services by the end of the year.
Switzerland’s fast-growing cryptocurrency industry could have full access to conventional banking services by the end of the year, a Swiss expert has said.
Heinz Tännler, finance director of Zug canton, told the FT that politicians were moving to allow crypto companies to work with banks, adding that Switzerland’s central bank, financial supervisor and federal government “are willing to help”.
He said: “We hope to clarify relationships by the end of the year at the latest.
“Time is pressing — other jurisdictions such as Malta and Singapore are very active and making a lot of effort to attract these companies. The lack of access to bank services is a significant competitive disadvantage.”
“We have to push certain national institutions to resolve this problem quickly and effectively, but that now seems to be going well.”
Reacting to the news, Dr Michael McCann Senior Lecturer in Economics at the Nottingham Business School told Express.co.uk that the rise of 10 percent on its opening price on 2nd July is potentially related to greater regulatory certainty surrounding the trading of cryptocurrencies.
However he remains pessimistic.
Dr McCann said: “Firstly, The Financial Times reported on Monday that the Swiss authorities were poised to allow cryptocurrencies full access to conventional banking services. Secondly, last week, South Korea clarified guidelines to prevent money laundering using cryptocurrencies.
“However, whether this rally is a turning point is difficult to assess.
“Similar ones in both February and April petered out and the longer-term trend for the price of Bitcoin has been downwards – it is down over 50 percent since the start of the year.
“Since there are no fundamentals to base any underlying valuation on, estimations of its future price are highly speculative and investments highly risky”.
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Updates below throughout the day….