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Bitcoin gains 7.6% in a week

Bitcoin

London, (Business News Report)|| Bitcoin has gained 7.6% to its value, within a week, while it is still down by 4.4% from its value at the beginning of this year.

Despite the gains made by Bitcoin, during a week, it has fallen by 0.5% since Friday evening, to reach $44,283.

Bitcoin prices fluctuated by an average of 1.1%, trading between $44,113 and $44293. The cryptocurrency is down 36% from its November 10 high of $68,992.

This comes at a time when many cryptocurrency companies are facing the risk of closing their operations as Western countries tend to tighten their dealings after the Russian-Ukrainian crisis, and due to concerns about Moscow’s dependence on cryptocurrencies in its financial dealings after the sanctions.

Companies operating in these currencies are exposed to the possibility of closing their doors in Britain if they fail to register with the Financial Supervisory Authority before the deadline next week.

From March 31, companies operating in crypto services in Britain must be registered with the Financial Supervisory Authority, which is charged with overseeing the operations of anti-money laundering crypto-asset firms.

Although the deadline for companies to register was extended last year, Britain’s Financial Supervisory Authority suggested that several crypto companies withdrew their applications, because they did not meet the required anti-money laundering standards.

With only a few days left until the new deadline expires, the fate of crypto companies — including the $33 billion fintech firm ReFort & Cooper — is in jeopardy.

On the part of the companies, many have expressed frustration with dealing with the UK’s Financial Supervisory Authority.

One lawyer advising crypto companies on their applications said the regulator had been slow to approve applications and was often unresponsive, a sentiment echoed by other figures in the sector.

“The process has been a total disaster from the FCA’s side of things,” the lawyer told CNBC, speaking on the condition of anonymity due to the sensitive nature of the matter.

The UK’s Financial Conduct Authority said it had approved only 33 applications for crypto firms so far, and that more than 80 per cent of the applicants it had evaluated so far had either withdrawn or rejected their applications.

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