Crypto coins edge higher as industry awaits changes

Bitcoin, the leading cryptocurrency in trading internationally, traded higher on Monday, rising by 3.21 percent to $46,033.54 at 5:22 p.m. Riyadh time. Ether, the second most-traded cryptocurrency, traded at $3,151.89, up 1.67 percent, according to data from CoinDesk.

London Stock Exchange-listed crypto mining company Argo Blockchain reported a growth of more than 300 percent in earnings to $22 million.

The firm earlier said it has plans to list in the US subject to regulatory approval, CoinDesk has reported.

In Ireland, Standard Chartered will soon offer crypto brokerage services to institutional investors through its Zodia Custody service.

The service was established in December as a joint venture between Standard Chartered and wealth management company Northern Trust.

Billionaire hedge fund founder Ray Dalio was worried that governments could outlaw cryptocurrencies. In a CNBC interview last week, Dalio said there is a “reasonable chance” that the federal government could eventually outlaw cryptocurrencies including Bitcoin.

In the US, Sen. Mike Lee warned that passing a crypto tax provision will hamper innovation, and “make Americans poorer,” Bitcoin.com has reported.

The senator was referring to provisions in the $1.2 trillion infrastructure bill that have already been criticized by crypto groups.

Koinwa, a crypto borrowing platform, is helping excluded groups in Africa to have access to financial services, Bitcoin.com has reported.

The platform allows underserved communities to loan cryptocurrencies, as well as to purchase coins for a minimal price.