Bitcoin Rebounds; Swiss To Give Crypto Companies Full Access to Banking Services
Published Jul 02, 2018 11:29PM ET
Bitcoin rebounded on Tuesday
Investing.com – Bitcoin rebounded on Tuesday amid reports that Swiss politicians and regulators are considering to give crypto companies full access to conventional banking services.
Bitcoin was trading at $6,636.7 by 11:30PM ET (03:30 GMT) on the Bitfinex exchange, up 4.3% over the previous 24 hours.
Ethereum, the world’s second largest cryptocurrency by market cap, jumped 6.0% to $476.92 on the Bitfinex exchange.
Ripple’s XRP token surged 7.3% to $0.49746 on the Poloniex exchange.
Meanwhile, Litecoin traded 7.7% higher to $86.404.
Switzerland’s cryptocurrency industry could have full access to conventional banking services by the end of the year, the Financial Times reported on Monday, citing a Swiss policymaker.
“We hope to clarify relationships by the end of the year at the latest,” said Heinz Tännler, finance director of Zug canton.
“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.”
Tännler then added that Switzerland’s central bank, financial supervisor and federal government “are willing to help.”
“We have to push certain national institutions to resolve this problem quickly and effectively, but that now seems to be going well.”
Bitcoin jumped more than 12% on Friday, while Ripple, Ethereum and Litecoin also rose between 10-15%.
Reports that Facebook announced last week that it reversed its ban on crypto advertisements were cited as supporting the crypto prices. Facebook (NASDAQ:FB) said it would allow advertisers that are preapproved by the social network to promote crypto services, although ads promoting binary options, ICOs and initial coin offerings are still banned.
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