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DUBAI: Bitcoin, the leading cryptocurrency internationally, traded higher on Monday, rising 5.56% to $30,691.86 as of 12 p.m. Riyadh time.

Ether, the second most traded cryptocurrency, was priced at $1,906.18 up 6.66%, according to data from CoinDesk.

Bitcoin rose for a third day, crossing the $30,000 mark.

Although Bitcoin’s dominance has increased recently, some altcoins have outperformed, with Avalanche up 6.6% and Cardano up 8.6%, Bloomberg reported.

Due to high inflation and a pivot to rising rate cycles, Bitcoin has been locked in recent months and digital assets have also suffered from the collapse of the Terra ecosystem, Bloomberg said.

A record correlation between the Nasdaq 100 and tech stocks faltered over the weekend, showing it is behaving like a risky asset.

“This is the type of decorrelation that no one wanted,” Antoni Trenchev, co-founder and managing partner of crypto lender Nexo said in a statement.

At the end of last week, Bitcoin prices fell after 2 weeks of sideways churning inside a “pennant”.

Bloomberg said that unless the token recovers $30,200, the bears will continue to hold the upper hand – but if $28,000 is broken, $25,000 could be in focus again.

Anything below around $25,400 puts the 2017 peak – just below $20,000 – in play, Bloomberg concluded.

Pay with crypto at Dubai hotel

Following Binance’s launch of a crypto-to-crypto payment gateway for hotels, guests at The Manor by JA at Al Furjan will be able to pay with alternative currencies, according to a statement.

Binance, a cryptocurrency exchange that manages blockchain infrastructure, will facilitate settlements. BNB, Bitcoin and Ethereum will be supported by the crypto-to-crypto gateway.

It is accessible through The Manor official website and follows strict security measures to protect the rights of customers and business owners.

Binance registers with Italian regulator

On Friday, Binance announced that its legal entity in Italy had been registered with the country’s regulator, as the leading cryptocurrency exchange seeks to expand in Europe, Reuters reported.

Binance Italy’s recent registration could make the company more responsible and reduce money laundering risks.

The company said it could now open offices in Italy and expand its local team. According to the Organismo degli Agenti e dei Mediatori, which regulates the crypto industry in Italy, the company is one of 14 virtual asset operators.

Binance CEO Changpeng Zhao said earlier this month that the company has also registered with the French market regulator. Besides Switzerland, Sweden, Spain, the Netherlands, Portugal, and Austria, Binance is also looking to register in these countries.

With contributions from Reuters

Nicholas E. Crittendon