Cryptocurrencies Overlook UK Scam Warning, Climb Higher

Cryptocurrencies experienced an upward trend on Friday, despite a cautionary note from a British regulatory authority regarding the rise in scams.

One of the leading digital currencies gained 0.77% in the past 24 hours, reaching approximately $6,462.20 on the Bitfinex exchange by 10:52 AM ET, marking a 5.1% increase over the week.

In other cryptocurrency markets, another digital asset increased by 0.5% to $295.20 within the last day, mitigating weekly losses to 11%. Additionally, a notable coin surged by 9.77% to $0.31531, bringing its weekly decline down to just 1.3%. Meanwhile, a popular product resulting from the Bitcoin fork and recognized as the fourth-largest cryptocurrency by market cap rose by 2.4% to $542.00, reducing its weekly losses to 4.9%.

Despite the influx of money into digital assets, the UK Financial Conduct Authority warned consumers about the unregulated nature of cryptocurrencies and reported an increase in targeted scams. The FCA stated, “UK consumers are being increasingly targeted by cryptocurrency-related investment scams.” They emphasized that these scams often utilize social media platforms, leveraging images of celebrities or well-known figures to promote fraudulent investment opportunities.

The FCA’s renewed warning coincided with the announcement that a UK-based crypto futures exchange, in partnership with CME Group, is expanding its offerings to include Bitcoin Cash futures contracts. This addition joins a portfolio that already encompasses futures for Bitcoin, Ethereum, Ripple, and Litecoin.

In another development within the crypto sector, China’s largest retailer announced the launch of a new blockchain technology platform aimed at helping enterprise clients develop, host, and utilize their own blockchain applications for enhanced operation management that is secure, transparent, and convenient. So far, the retailer has implemented blockchain tracing for over 400 brands and 11,000 different products.