Tuesday, July 27, 2021

Crypto Market On Life Support As Leading European Bank, Santander Blocks Crypto Payment

Bitcoin and many leading altcoins drifted lower at Friday’s trading sessions over rising concerns among investors and traders about the aura of negative macros in play at the crypto market.

For the day, crypto market valuation stood at $1.37 trillion posting a drop of more than 2% with the flagship crypto trading below $33,000 price levels.

The total crypto market volume over the last 24 hours is $76.21 billion, which makes a 1.14% decrease.

A leading United Kingdom-based bank Santander has reportedly blocked its customers from making payments to the world’s largest crypto exchange. Santander notified its customers via Twitter that it would be suspending payments to finance until further notice due to crypto irregularities.

“In recent months we have seen a large increase in UK customers becoming the victims of cryptocurrency fraud. Keeping our customers safe is a top priority, so we have decided to prevent payments to Binance following the FCA’s warning to consumers,” the bank stated.

The global bank disclosed that it had seen an exponential surge of British customers falling victims to crypto fraud in recent months.

Also Read: The Cryptocurrency Frenzy: A Call For Caution

Further weighing hard on market sentiments, China had blacklisted Binance and other leading websites as the Chinese government tightens its crypto regulations since 2017 in an effort to tame capital outflows.

The world’s largest crypto exchange is also exposed to crackdowns from regulators around the world, including Canada, Thailand, U.S., and the Cayman Islands.

The rebounding value in the greenback also weighed negatively on crypto assets as concerns over the global economic recovery from the COVID-19 pandemic continues to mount.

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