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25 Sep 2019
2 min read

Crypto & Forex News Roundup 25/09/2019

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Written by OspreyFX News Team

Crypto markets see huge crash – BTC down to $8400

The cryptocurrency markets experienced a long-awaited crash that saw almost all coins tumbling by double digit margins. Practically no coins were spared but some were particularly hard hit and these included EOS, BCHABC and ETC which were down by well over 20% respectively. Bitcoin also experienced a considerable 13% drop to the $8400 level. There have been several predictions for this drop but the launch of Bakkt futures seems to be the catalysts for this with turnover almost quadrupling in a matter of hours. Several coins are at almost bi-yearly lows such as Cardano (ADA) at $0.037 and XLM which was down 16% to the $0.053 level.

 

 

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UK Supreme court decides that Johnson broke the law.

The UK Supreme Court was in the news all day yesterday as it handed down judgement in the much-awaited Parliament prorogation case. Brenda Hale, the president of the Supreme Court, issued a historic judgment on Tuesday when she declared that Boris Johnson had acted unlawfully when he shut down parliament.

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A chastened Boris Johnson will fly back to London on Wednesday to face calls for his resignation. Jacob Rees-Mogg, leader of the House of Commons, told cabinet colleagues on a conference call on Tuesday night that the decision amounted to a “constitutional coup”.

London rules the financial world

Although the Brexit fiasco continues to dominate British politics, it seems that this has not had much effect on London’s position as the prime financial hub of the world. London has now actually overtaken New York in a ranking of cities that attract the most funding for financial technology firms.

The capital’s ‘fintech’ firms have attracted 114 deals worth a combined £1.6billion so far this year, according to research by venture capital fund Innovate Partners and promotional company London & Partners.

That was considerably ahead of New York’s 101 deals, which were worth £1.5billion.