Skip links

Bitcoin Could be a Legal Tender at Mexico’s Banco Azteca

A new trading week begins today for global markets. After an eventful weekend for the cryptocurrency markets, Bitcoin is hovering around $34,455 at the time of writing.

Certain events during the weekend have caused volatility in cryptocurrencies. In particular, the UK’s financial watchdog has banned cryptocurrency exchange Binance Markets from conducting any activity in the country. According to the Financial Conduct Authority’s filing, the digital asset exchange house has until midnight June 30 to remove any advertising, promotions, information on its social media, or activity in the UK. The company will not be able to carry out any activity without prior written consent.

The UK is not the only country that has pursued Binance Markets, with both the US and Japan keeping a close eye on the company. According to Bloomberg, several US agencies are investigating the digital asset firm’s activity while Japan has already warned that the company is offering services without being registered.

Meanwhile, yesterday, the Mexican billionaire and Banco Azteca owner Ricardo Salinas said that his company could start using bitcoin.

Salinas’ statements were made public via Twitter: “Sure, I recommend the use of #Bitcoin, and me and my bank are working to be the first bank in Mexico to accept #Bitcoin,”. On Sunday, following the Banco Azteca tycoon’s statements, bitcoin rose about 7.5% to trade around $34,500.

Other Markets at a Glance

In global markets, the S&P 500 had its best week since February, US Treasuries held losses, West Texas Intermediate (WTI) oil traded at $74.04 a barrel and gold rose to $1,781.49 an ounce.

The dollar rose amid rumors of the Federal Reserve cutting fiscal stimulus. The unemployment data is starting to fall perhaps thanks to the decision of some US states, such as Missouri to cancel unemployment benefit assistance designed to offer support during the pandemic.

Trade cryptocurrencies such as Bitcoin, forex, metals, oils, and indices with Traders Trust, a trusted broker that has been in the financial markets for over a decade and offers more than 60 CFD instruments to its traders.