- UK Chase Bank has given its customers a period of up to 16, October, about fourteen days, to finalize their crypto-related payments with the bank’s financial system.
- Bitcoin’s demand is expected to rise amid the looming US government shutdown and central bank’s relentless call to keep interest rates higher for longer.
The need for UK investors to venture deeper into the Bitcoin (BTC) and altcoin market is set to be regulated by Chase Bank in two weeks. According to a report by Bitcoin Archive via the X platform, Chase Bank wrote a memo to its customers updating them on policy changes that will impact their way of interacting with the crypto DeFi ecosystem.
Notably, Chase Bank UK told its customers that it would decline all payments that are believed to interact with other accounts that are related to crypto DeFi protocols. The announcement follows a significant rise in the demand for blockchain smart contracts from most international enterprises, in a bid to eliminate the need for a decades-old banking system for money transfer that is considerably expensive, slow, and prone to error.
Notably, the decision by the United Kingdom Chase Bank to decline crypto-related payments has been met with heavy criticism from the crypto veteran investor and business magnate Brian Armstrong – CEO of Coinbase crypto exchange – amid progressive policies by the Rishi Sunak-led UK government. In retaliation for the crypto market, Armstrong advised UK crypto holders to close their Chase accounts. Furthermore, Coinbase and other top crypto exchanges have increased their global markets venture, thus giving UK crypto customers more power.
Totally inappropriate behavior from @Chase UK (this is their UK bank only is my understanding)@RishiSunak @griffitha It appears @Chase UK does not respect your policy goals – thoughts?
UK crypto holders should close their @Chase accounts if this is how they're going to be… https://t.co/n8OBxhtpcg
— Brian Armstrong 🛡️ (@brian_armstrong) September 26, 2023
How Bitcoin Is Performing with Regulatory Pressures
Bitcoin (BTC) price traded around $26.88k, a small but important gain of about 2 percent. Moreover, the level of confidence from more investors who do not yet believe in Bitcoin’s movement has significantly increased, amid Chase Bank’s change of policies. The rise in Bitcoin has lifted an altcoin wave led by Chainlink, and the Terra LUNA.
Notably, Bitcoin and the entire digital asset industry have received significant pressure through the Biden administration, which has significantly divided the United States government at a crucial time between the Western war with Russia. President Biden has called on Republicans to come together in passing the funding to avoid a looming shutdown.
According to exchange-balance data provided through coin glass, Bitcoin balance on exchanges has slightly increased, but the supply of some altcoins has been observed to leave exchanges’ wallets.
Price Action
In a few days, the crypto market is expected to attract FOMO traders who have been sitting on the sidelines through the ‘Uptober’ narrative hype, which is based on the statistics that October of the pre-halving year is bullish for Bitcoin. As a result, crypto analysts are beginning to have different opinions on the next major move for Bitcoin, thus leaving space for higher speculations.
