Bitcoin Buckles Day Before US Jobs Report

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Bitcoin is showing signs of weakness ahead of a long Easter weekend in many countries and the release of the US jobs report for March on Friday. The world’s largest cryptocurrency by market value has fallen 2% in the past 24 hours to under $27,800, after hitting $28,800 earlier this week. US stock markets will be closed Friday for Good Friday. Bitcoin, of course, is still trading. US employers are estimated to have added 238,000 jobs in March, with the unemployment rate expected to hold steady at 3.6%, according to data from Trading Economics. Traders are watching the report for signs of inflation, which affects the Federal Reserve’s interest rate policy and, therefore, the prices of risky assets like bitcoin. The dollar rose slightly on Thursday and the price of gold extended its gains.

The Australian Securities and Investments Commission has revoked Binance Australia’s derivatives license, according to a press release on Thursday. Binance Australia, an arm of the world’s largest crypto exchange by trading volume, has been ordered by the regulator to close all of its clients’ open positions in derivatives by April 21. ASIC has reviewed Binance’s activities, the press release states. Binance found itself in hot water with regulators last week when the US Commodity Futures Trading Commission sued the exchange for selling unregistered derivatives in the US.

Binance recently turned down an offer to acquire Tron blockchain founder Justin Suns’ stake in rival exchange Huobi, according to a person familiar with the matter. Binance wasn’t interested because of rumors of Huobi having ties to mainland China, which the exchange wants nothing to do with, according to the person who requested anonymity. In an interview last month with CoinDesk TV, Sun said Huobi wants to get a license in Hong Kong and launch an exchange there called Huobi Hong Kong. The extent of the Suns’ involvement with Huobi has been shrouded in secrecy.

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