Coin Surges 3500% on Musk Joke... UK's Largest Exchange Suspends Operations

Bitcoin Attempts to Enter $33,000
Shiba Inu Supported by Musk Surges and Maintains Price, Replacing Dogecoin
UK and Japan Ban Binance Operations

[Asia Economy New York=Correspondent Baek Jong-min] Cryptocurrency prices have recently held steady without the weekend crashes that had been occurring. Bitcoin is attempting to recover to $33,000. Amid Elon Musk's jokes, some cryptocurrencies have shown increases as high as 3500%.

[Image source=Reuters Yonhap News]

As of 4:30 PM on the 27th (local time), according to CoinMarketCap, Bitcoin is trading at $32,750, up 4.8% compared to 24 hours earlier. Ethereum is up 3% at $1,820, and Dogecoin is up 2.2% at 24.3 cents.

Following Dogecoin, Shiba Inu, supported by Tesla CEO Elon Musk, rose 17% and is now holding steady.

On the 25th, Musk mentioned on Twitter, "My Shiba Inu will be named 'Floki'."

Cryptocurrency media outlet Decrypt reported that following Musk's tweet, cryptocurrencies named Floki appeared one after another, with some recording increases of up to 3500%.

Over the weekend, Bitcoin experienced both positive and negative news.

The UK's Financial Conduct Authority (FCA) banned Binance, the world's largest cryptocurrency exchange, from operating within the UK.

According to CNN on the 27th (local time), the FCA announced that Binance has not obtained any authorization to operate in the UK and stated, "Binance cannot conduct business activities without our prior consent."

Accordingly, Binance must cease its business activities in the UK by the evening of the 30th.

Cryptocurrency trading in the UK is not regulated, but approval from supervisory authorities is required for the sale of derivatives and other products.

The FCA also warned against being misled by advertisements promising high returns related to cryptocurrencies and related products.

Prior to the UK, Japan also announced regulations on Binance's operations. On the 25th, the Japan Financial Services Agency pointed out that Binance was trading with residents of Japan without permission and stated that it cannot operate within Japan without proper authorization.

The U.S. Department of Justice and the Internal Revenue Service are investigating Binance for money laundering and tax evasion.

Following China's mining ban, Bitcoin's hash rate rose 5% on this day. This is interpreted as many miners relocating their mining operations to Kazakhstan or the United States. Last week, the hash rate had fallen by 17%. Generally, when the hash rate rises, Bitcoin prices also increase.

However, it is unlikely that the hash rate will recover to pre-China mining ban levels anytime soon. Colin Wu, a Chinese Bitcoin specialist journalist, assessed that it will be difficult for the hash rate to recover to pre-regulation levels within the next six months.

This content was produced with the assistance of AI translation services.