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Forex Weekly Look Back: Financial markets and bitcoin in recovery, Japan to enforce new crypto laws



Looking back at the most intriguing and popular industry news from the past week between 6th and 10th April on LeapRate.

Positivity prevails this week in  in the financial markets, with the S&P 500 Index once again in a bull market. In the FX space however, activity has been subdued with this lack of dynamism stemming from investors being on standby ahead of important risk events later. Shares are trading higher in Europe on Thursday despite a shy market open and modest rises overnight by most Asian stocks.

Plus500 reported significant revenue growth for the first quarter of 2020. Online service provider for trading CFDs, Plus500 reported Q1 revenues and earnings with increased levels of customer trading activity and strong performance across all key financial and operational KPIs. Q1 revenue reached $316.6 million with 487% increase compared to the same period last year and 230% compared to the last quarter of 2019. The exceptional growth was result of significantly increased volatility across global financial markets. This also drove New Customer acquisition up, reaching 82,951, showing the company’s technological potential, marketing capabilities and its ability to respond rapidly to news flow and market demand.

ATFX now accepts payments via Trustly, a digital payments processor, from its clients located in Europe. The UK-based broker has integrated Trustly as one of the many deposit and withdrawal options on its platform, making it more accessible for all clients.

Forex Weekly Look Back

The Cyprus Securities and Exchange Commission (CySEC) suspended this week the Cyprus Investment Firm (CIF) authorisation of Cyprus Investment Firm Belight Capital Group Ltd on violations of regulatory requirements.

Financial markets have been in recovery mode for the past several weeks after falling precipitously in mid-February due to the global COVID-19 pandemic. Bitcoin, to the amazement of its critics, has recently moved back into positive territory for its year-to-date performance, topping $7,320 and posting a gain of 2% for 2020. The S&P 500 index has also been in recovery, but its reading remains roughly 15% below its closing value for 2019.

Japan is set to enforce updated crypto laws from 1st May. The Japanese House of Representatives passed revisions of two already existing laws, The Payment Services Act (PSA) and Financial Instruments and Exchange Act (FIEA) last year. The new enforcements were scheduled to come in effect in April but due to delays, the official government newsletter announced they were postponed to beginning of May.

BidFX, electronic foreign exchange trading solutions provider, appoints former GAIN GTX executive, Ivan Wong, as Head of Greater China. Wong shares his excitement for his new role with LeapRate.

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Forex Weekly Look Back: Financial markets and bitcoin in recovery, Japan to enforce new crypto laws

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