Bitcoin Flat; UK Watchdog Issues New Crypto Scam Warning

Cryptocurrencies experienced a slight decline on Monday, remaining mostly stable as a UK regulator issued an updated warning regarding cryptocurrency scams.

The Financial Conduct Authority (FCA) in the UK revised its warnings about scams related to cryptocurrencies, citing an increase in complaints over recent months.

Some of these fraudulent schemes involve activities regulated by the FCA, such as the promotion of investment products that are backed by cryptocurrencies. Many of these scams are often advertised on social media platforms, according to the guidelines.

As of 9:20 AM ET, Bitcoin rose by 0.05%, reaching $6,419.00 on the Bitfinex exchange. Overall, the cryptocurrency market remained relatively flat, with the total market capitalization standing at approximately $212 billion.

Ethereum, the second-largest cryptocurrency by market cap, saw a drop of 5.79%, trading at $284.99. Meanwhile, Ripple, the third-largest digital currency, decreased by 4.28% to $0.33119, and Litecoin was priced at $55.18, down 3.75%.

In other developments, Chinese e-commerce giant JD.Com is establishing an open blockchain exchange aimed at enterprise clients. This initiative will assist customers in developing, hosting, and applying their own blockchain applications for operational management.

The company stated that the platform would enhance operational efficiency, particularly in areas such as tracking goods, property assessments, and transaction settlements.

Jian Pei, head of JD’s big data and smart supply chain unit, stated, “The JD Blockchain Open Platform is the result of the expertise and experience we developed in blockchain technology for our own operations, aimed at providing greater transparency to consumers.”