Bitcoin: down at $40,000; more losses ahead?
The main digital coin erased all the gains done after Elon Musk's February announcement. What are we heading into?
Bitcoin tacks on
On Tuesday, the cryptocurrency market was quite bullish in Asia. The number one digital coin, Bitcoin managed to overleap the $4,500 mark, while prices of other key digital coins rallied too.
Bitcoin headed north by 8.72% trading at $4,528.0.
As for Ethereum, it jumped by 2.31% being worth $146.21. Additionally, Litecoin inched up by up to 6.82% ending up with $65.575, while XRP ascended by 4.13% concluding the trading session at $0.32426.
The cryptocurrency market capitalization hit $155 billion.
News from Japan suggested the potentially wider adoption of crypto assets. As a matter of fact, Japan’s key railway company JR East’s Suica payment card could accept crypto assets.
The head of Japanese cryptocurrency exchange DeCurret, Kazuhiro Tokita uncovered a fresh crypto payment system, which could be utilized for the almost 70 million Suica cards in Japan. In fact, JR East is told to be considering the idea, although it doesn’t have a concrete plan yet.
JR East appears to be one of the examples, which disclosed Japan’s readiness to embrace crypto assets. Rakuten, an e-commerce giant, dubbed Japan’s Amazon is going to launch Rakuten Wallet that will back the use of crypto assets.
Besides this, America is geared up towards developing regulation on digital coins. So, the US Securities and Exchange Commission is looking for a crypto attorney advisor to come up with a solid plan to address crypto as well as digital asset securities. This expert will work at the Division of Trading and Markets.
Additionally, industry insiders are assured that it’s a response to the call for greater regulatory clarity for blockchain-based securities and tokens laws.
The CEO of Goldman Sachs-backed crypto finance firm Circle, Jeremy Allaire told that the greatest regulatory hurdle in the cryptocurrency space was the securities watchdog’s inability to offer definition on various digital coins.
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