Investing.com - Prices of the top cryptocurrencies were mixed on Monday morning in Asia, but the crypto market remained bullish. Regulation is in play, with G20 countries soon meeting to discuss a framework to fight crypto-enabled money laundering.
Bitcoin rose 2.22% to $5,237.6 by 12:14 PM ET (04:14 AM GMT), after surging as high as $5,299.4 in the morning. The coin is back in a bullish trend and has gained 28.8% over the past week.
Ethereum also went higher, adding 7.82% to $182.
However, XRP slid 0.26% to $0.35877 and Litecoin dropped 1.60% to $91.062. With that said, both tokens have surged 17.12% and 52.30%, respectively, over the past seven days.
The crypto market cap continued to rise to $184 billion.
The most notable news story in the crypto space over the weekend was G20 countries going to meet in June to discuss international crypto regulations to combat money laundering and terrorism financing.
G20 central bank governors and finance ministers will join the meeting to establish a framework to do so, and the countries are expected to reach an agreement over new regulations. They aim to enforce stricter identification of individuals transacting in crypto.
In Asia, South Korea is considering loosening its current crypto regulations to help the crypto market grow and mature.
"The government has misunderstood the virtual currency and tried to meet the real currency standards, so there are various problems. The industry does not stand still while waiting for the regulatory sandbox authorization, so it is just like keeping it in the box,” said Song Hee-kyong, co-president of the 4th Industry Forum of the National Assembly.
The Asian country has been known for its strict approach and tight control towards digital assets, reportedly calling initial coin offerings almost ‘a gamble’. The news has signalled a possible change in the crypto space in South Korea.