Money

Major crypto hit as Paypal halts sales from October

Published

2 years ago

August 17, 2023

ticker NEWS

Paypal has announced its decision to temporarily suspend cryptocurrency purchases for UK customers starting from October 1st, 2023.

This move is in response to forthcoming regulations aimed at restricting the promotion of cryptocurrencies within the United Kingdom.

The Financial Conduct Authority (FCA) in Britain is set to enforce more stringent rules governing the advertisement of crypto assets, including the mandatory inclusion of risk warnings and the discontinuation of “refer a friend” incentives.

According to an email sent to its clientele, PayPal revealed its intention to comply with the impending regulations by putting a pause on cryptocurrency buying on its platform. The new regulations are slated to take effect on October 8th, 2023.

When sales resume?

The company assured its customers that this measure is temporary and it plans to resume cryptocurrency sales in early 2024.

In the email shared with Reuters, PayPal stated, “PayPal consistently works closely with regulators around the world to adhere to applicable rules and regulations in the markets in which we operate.” While this temporary halt affects crypto purchases, customers will still retain the ability to hold and sell their existing cryptocurrency holdings without any disruption.

The decision by PayPal to suspend crypto sales in the UK reflects a broader trend of regulatory tightening in the global cryptocurrency market. This comes after a series of setbacks, including the collapse of several crypto firms like FTX, which led to substantial losses for amateur investors. These incidents have prompted regulatory bodies worldwide to take a closer look at the cryptocurrency industry and consider measures to mitigate potential risks.

Regulation nightmare

In a move that garnered attention earlier this month, PayPal made a significant announcement related to the cryptocurrency space. The company introduced a U.S. dollar stablecoin, a type of cryptocurrency designed to maintain a stable value by being pegged to a tangible asset.

PayPal initially ventured into the UK cryptocurrency market in 2021, enabling customers to buy and sell digital assets through its platform.

As the landscape of crypto regulation continues to evolve, PayPal’s decision to temporarily halt crypto sales underscores the challenges faced by financial technology companies in navigating the complex regulatory environment.

Money

Bitcoin declines to $104,782 amid trade tensions

Bitcoin drops to $104,782 as Trump intensifies US-China trade tensions, impacting global markets

Published

3 hours ago

October 12, 2025

Ahron Young

Bitcoin drops to $104,782 as Trump intensifies US-China trade tensions, impacting global markets

In Short:
– Bitcoin dropped to $104,782 due to heightened US-China trade tensions.
– The S&P 500 Index fell over 2% amid escalating market uncertainty.

Bitcoin fell to $104,782 amid escalating US-China trade tensions.On October 10, U.S. President Donald Trump announced a significant increase in tariffs on Chinese goods, raising them to 100%.

The decision follows China’s recent restrictions on rare earth mineral exports, which are crucial for various technologies and manufacturing sectors.

The trade dispute affected global markets, resulting in a more than 2% decline in the benchmark S&P 500 Index.

Bitcoin experienced an 8.4% drop at $104,782 by 17:20 ET, while Ethereum, the second-largest cryptocurrency, fell by 5.8% to $3,637 at 17:21 ET.

Money

Gold plunges as investors react to Middle East ceasefire

Gold prices fall over 2% to below $4,000, as investors shift from safe-haven assets after Gaza ceasefire news.

Published

2 days ago

October 10, 2025

ticker NEWS

Gold prices fall over 2% to below $4,000, as investors shift from safe-haven assets after Gaza ceasefire news.

Gold prices have fallen sharply, dropping over two per cent to below $4,000 per ounce, as investors took profits following the announcement of a Gaza ceasefire agreement. The deal between Israel and Hamas triggered a shift away from safe-haven assets, with silver and platinum also sliding.

The U.S. dollar strengthened as markets responded to the news, making precious metals more expensive for foreign buyers. Analysts say the pullback is likely temporary, with long-term demand for gold and silver expected to remain strong amid global instability and rising debt levels.

Market experts warn that volatility will continue as geopolitical tensions persist, even as short-term optimism grows around the Middle East peace process.

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Money

Gold and silver prices drop after Gaza ceasefire

Gold dips below $4,000/oz amid profit-taking and Gaza ceasefire; silver also softens from record highs

Published

3 days ago

October 10, 2025

Ahron Young

Gold dips below $4,000/oz amid profit-taking and Gaza ceasefire; silver also softens from record highs

In Short:
– Gold prices fell over 2% to below $4,000 per ounce due to a stronger dollar and profit-taking.
– Silver eased to $48.93 per ounce, influenced by market activity and ongoing high demand despite supply issues.

Gold prices fell over 2% on Thursday, dropping below $4,000 per ounce. The decline followed a strong rise earlier in the year and was influenced by a stronger dollar and profit-taking after a ceasefire deal between Israel and Hamas.Spot gold decreased to $3,959.48 per ounce, while U.S. gold futures for December delivery settled at $3,972.6.

Silver also experienced a slight decline, easing from its record high to $48.93 per ounce. The dollar index increased, making gold more expensive for overseas buyers.

Traders noted increased activity in the market as profit-taking coincided with reduced tensions in a historically volatile region.

An independent metals trader stated that while gold and silver may need to consolidate further, the underlying demand drivers remain intact.

Market Overview

Gold surpassed $4,000 per ounce on Wednesday, reaching $4,059.05, boosted by geopolitical tensions and strong demand from central banks. The asset has gained about 52% this year, reflecting a significant increase due to various economic factors. The U.S. central bank’s decision to cut rates in September also contributed to the rally, with expectations for future cuts in the coming months.

Silver’s price increase of 69% this year is tied closely to similar economic trends impacting gold. Notably, liquidity issues in the silver market are being exacerbated by strong demand and tight supply conditions. Other precious metals, such as platinum and palladium, also saw declines during this period.