Cryptocurrencies rebound as bitcoin returns toward $10,000

Crypto prices traded sharply higher on Monday, as Bitcoin climbed back towards the $10,000 mark after sliding 18% last week.

Bitcoin was trading at $9,483.1 by 3:45 GMT on the Bitfinex exchange, jumped 10.7% over the previous 24 hours.

Ethereum, the world’s second largest cryptocurrency by market cap, surged 5.8% at $719.99 on the Bitfinex exchange. Ripple’s XRP token was up 5.1% to $0.80500 on the Poloniex exchange.

Meanwhile, Litecoin was trading 5.5% higher at $186.07.

Finnish banks has blocked transactions from the local cryptocurrency exchange Prasos Oy, according to reports, which added that four out of the five banks that the Finnish-based exchange uses for their business has cut ties with it.

Henry Brade, the Chief Executive Officer of Prasos, admitted that the growth of “international transaction volumes” has begun to “disturb banks”.

“We’ve realised that the growth in international transaction volumes started to disturb the banks. Along the way, we’ve been given very little information by the banks on what we could do to solve the problem,” said Brade.

Banks were distancing themselves from exchanges due to concerns of the troubles surrounding money laundering rules.

Elsewhere, reports that the Australian Communications and Media Authority (ACMA) is investigating JustBet received some focus as the Bitcoin sports betting site claimed to be registered in an Australian-owned territory, while actually being based in Costa Rica. The act breached the country’s Interactive Gambling Act and the company is likely in violation of Australian law, according to reports.