⛔ Stop guessing ⛔ Use our free stock screener to find new opportunities fast Try Free Screener

Bitcoin Recovers After Suffering 10% Losses Last Week

Published 2018-08-13, 12:58 a/m
Bitcoin recovered on Monday
BTC/USD
-
ETH/USD
-
XRP/USD
-
LTC/USD
-

Investing.com – Bitcoin recovered on Monday after suffering about 10% of losses last week, although other major cryptocurrency prices remained under pressure.

Bitcoin was up 0.9% to $6,339.3 at 12:50AM ET (04:50 GMT) on the Bitifinex exchange.    

Ethereum slipped 1.3% to $318.9 on the Bitifinex exchange.    

Ripple lost 1.8% to $0.29878 in the last 24 hours on the Poloniex exchange, while Litecoin slipped 0.9% to $59.005.

The prices of digital coins plunged last week after the U.S. Securities and Exchange Commission (SEC) postponed its decision on a crypto exchange traded fund.The SEC will decide by the end of September if VanEck Associates and Solid Partners can list their Bitcoin-backed ETF, the agency said. The SEC already denied a similar ETF proposal in July and nine other proposals are being considered by the agency.

Despite losing about 10% last week, on the month Bitcoin is still up around 1.4%, while its share of the total market cap remained above 50%, Cointelegraph reported.

In other news, the Japanese Financial Services Agency (FSA) announced the results of on-site inspections that took place in 23 local cryptocurrency exchanges.

“We will enrich document and evidence confirmation about the situation of the company’s business plan and the effective internal control system and the situation of the governance system that gives priority to user protection, performing the verification on-site and through hearings,”

Any new exchange will be required to have an on-site visit by government inspectors that would look into their business models for certain criteria, reports said.

Elsewhere, Kenneth A. Blanco, director of the U.S. Financial Crimes Enforcement Network, said that the agency has seen a jump in filings of crypto-related Suspicious Activity Reports (SARs). The number of complaints now exceeds 1,500 per month, according to Blanco.

“[While] innovation in financial services can be a great thing… we also must be cognizant that financial crime evolves right along with it, or indeed sometimes because of it, creating opportunities for criminals and bad actors, including terrorists and rogue states.”

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.