Investing.com – Bitcoin held onto gains Monday shrugging off the European Union's warning that it would regulate cryptocurrencies at an EU level if “no clear” international response emerged to tackle risks in the sector.
"We do not exclude the possibility to move ahead (by regulating cryptocurrencies) at the EU level if we see, for example, risks emerging but no clear international response emerging,” said European Union financial services chief Valdis Dombrovskis.
That failed to spook investors from returning to the market after a two-day selloff weighed on sentiment, triggering fund outflows as traders abandoned their bullish bets on crypto.
While the total cryptomarket cap inched higher to about $450 billion, it remains well below the roughly $510 billion seen last week during a broad-based rally which saw bitcoin rise to its highest on the bitfinex exchange since Jan. 20.
Bitcoin rose 8.14% to $10,214, while Ethereum rose 3.16% to $861.31.
Ripple’s XRP rose 4.45% as adoption of its platform continued to grow after Cuallet said it would integrate Ripple’s xRapid within its business model. Ripple’s xRapid – a solution for on-demand liquidity – appears to complement Cuallet’s overarching goal of providing users with online banking services such as multiple currency accounts without the need for a traditional banking relationship.
Transactions processed through xRapid is said to offer competitive liquidity options, thereby allowing Cuallet to offer low exchange rates for its users. Cuallet’s cited “speed and certainty, liquidity management, and connection standardization” as the three main reasons behind its decision to join Ripple.
Cuallet’s joins a host of other payment providers including Western Union and Moneygram, who have decided to use Ripple’s xRapid product. Ripple reported last week it added five new payment clients in four countries.
Litecoin rose 2.98% to $218.60 while Bitcoin Cash rose 6.57% to $1237.20% to $1,237.20.