Bybit warned by Japanese regulators; Bitcoin fails to breach 40000, other cryptos rise; WTI Futures near 70 USD; CBOE sees increased index options volumes;
Bybit warned by Japanese regulators
The Japanese Financial Services Agency has issued a letter warning Bybit that the company is not registered in Japan to provide crypto services in the country.
It is believed that there may have been aggressive marketing by Bybit towards Japanese investors for the agency to prompt this warning. Last year Deribit, restricted Japanese investors from accessing their platform due to similar concerns. Binance also placed restrictions on Japanese investors back in 2018 after FSA warned that they were not registered in Japan. Bybit had to restrict services to UK investors as well due to a ban on retail derivatives trading imposed by the FCA.
Japan however is not completely banning crypto services. There are over 20 firms which have are currently registered under the FSA.
Source: https://cointelegraph.com/news/japanese-watchdog-issues-warning-to-crypto-derivatives-exchange-bybit
Bitcoin fails to breach 40000, other cryptos rise
Bitcoin reached towards the 40,000 USD mark on Friday, but slumped again by the end of the day to around 37,000. Bitcoin reached its highest price ever in April 2021 when it surpassed 64,000 USD, however since then been on a decline. The cryptocurrency nearly reached 30,000 USD when a series of actions by regulators and Elon Musk came out within a week that showed more restrictions on trading and future outlook.
Ethereum however, managed to gain over 20% during the week. Doge coin managed to gain over 27% and Shiba Inu coin gained over 13%.
WTI futures near 70 USD
WTI futures closed the week at 69.41 USD per barrel. This records the highest price since October 2018. The price gain is mainly fuelled by the OPEC+ confirmation that they will be cutting the production by 840,000 barrels in July and the larger than expected drawback on oil inventories in the US. Earlier this week, analysts have expected the crude oil reserves in US to be down by 2.1M barrels where as the actual data showed that the cut back was as much as 5.1M barrels.
CBOE sees increased index options volumes
CBOE reported that the index options volumes were up by 22% in May 2021. The increase also reports a 33% gain compared to May 2020.
