Barclays stops banking Coinbase, Bitcoin drops towards 10k USD and Hong Kong pays a small premium for Bitcoin
Here is your daily update on interesting, important and market moving cryptocurrency news
Barclays stops banking Coinbase
Barclays, the global bank from London, has stopped working with Coinbase. Coinbase has found a replacement in the U.K. based startup ClearBank. But according to people familiar with the situation, it has had an inconvenient impact on Coinbase’s users.
GBP deposits and withdrawals now take days to process for Coinbase. Clearbank is expected to provide faster deposits and withdrawals in GBP by the end of the third quarter this year.
Bitcoin drops below 11k USD
The price of Bitcoin dropped below 11k USD. Multiple possible reasons are mentioned online. The drop could be related to the Chinese yuan getting stronger after a fierce devaluation earlier this month. Coinbase’s banking problems in the U.K. are also mentioned as one of the possible causes for Bitcoin’s recent drop.
Hong Kong pays a small premium for Bitcoin
Bitcoin has started trading at a small premium in Hong Kong, as the political uncertainty in the country has created a spike in demand for Bitcoin.
Data from the exchange LocalBitcoin showed traders paying around 300$ more per Bitcoin compared toother countries on August 14.
Hong Kong is the second country this week where Bitcoin is trading at a premium. Argentina saw the same happening after its presidential elections started a decline of the value of it’s local currency, the Argentina peso.
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