Investing.com – Bitcoin and other major cryptocurrencies rebounded on Tuesday despite reports that the Bank of Japan set up a rather negative Q&A page concerning the digital coins.
Bitcoin was trading at $7,062.6 by 10:20PM ET (02:20 GMT) on the Bitfinex exchange, up 1.7% over the previous 24 hours.
Ethereum, the world’s second largest cryptocurrency by market cap, gained 0.5% to $381.65 on the Bitfinex exchange.
XRP/USD’s XRP token jumped 2.6% to $0.49338 on the Poloniex exchange.
Meanwhile, Litecoin was trading 2.1% higher at $118.61.
Reports that Bank of Japan came up with a rather negative Q&A page concerning cryptocurrencies raised some eye brows, as the central bank raised awareness about crypto risks.
The page, titled “Let’s think about cryptocurrencies!”, listed questions including whether such digital coins could be considered real money, or whether investors could profit from them. The page then noted there is no central bank to back the cryptos, and asked “Shouldn’t we ban something we don’t really understand?”
The page was set up after the country’s finance ministers and central bank governors of the Group of 20 nations last month warned that cryptos could destabilize financial markets.
Elsewhere, Alibaba (NYSE:BABA) sued a Dubai-based firm which allegedly caused confusion by using its trademarked name to raise more than $3.5 million in cryptocurrency known as “Alibabacoins”.
Alibaba said in a complaint that the firm’s “prominent, repeated, and intentionally misleading” use of its trademarks was aimed to confuse consumers to think its products are affiliated with Alibaba.
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