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On Tuesday, crypto assets sank due to the fact that the European bloc’s securities regulator told that it would carefully scrutinize every initial coin offering with the aim of determining whether it needs to be regulated or not.
As a matter of fact, on the Bitfinex exchange, Bitcoin inched down by 0.64% ending up with a reading of $6,629.50.
Crypto assets generally inched down, with the overall crypto market capitalization amounting to up to $218 billion in contrast with Monday’s outcome of about $221.
In addition to this, Ethereum, alternatively dubbed Ether, slumped by approximately 1.06% trading at $227.50. As for Litecoin, this crypto asset accounted for $58.824, heading south by 0.60%. Besides this, XRP declined by 3.81% trading at $0.47771.
On Monday, the European Securities and Markets Authority told that it would be taking a closer look at literally every ICO because the watchdog is eager to learn whether they fit into the EU’s current regulation or not.
Eventually, an ICO can be defined as a token, just like all-mighty Bitcoin issued to ramp up funds for small businesses. Watchdogs around the globe have already warned against investing in ICOs because Bitcoin as well as other crypto assets become more popular.
Moreover, Jay Clayton, US Securities and Exchange Commission governor told that ICOs need to be classified as securities. In the European bloc, watchdogs have already come up with a warning to retail investors.
Some financial analysts pointed out that some of these ICOs have much in common with financial instruments. Therefore, if they happen to be financial instruments, they should be naturally subject to the entire regulatory
The number one question here is what to do with all those Initial Coin Offerings, which are outside the regulatory framework.
During the daily press briefing of Andres Manuel Lopez Obrador, it was announced that Mexico will receive 1.4 million doses of the vaccine by the end of January. Is that optimistic enough for the peso?
The US unemployment claims are announced on Thursday at 15:30 MT time.
The Canadian monthly GDP is announced on Wednesday at 15:30 MT time.
Poor US data, slow vaccine distribution, rising virus cases worsened the market sentiment and underpinned safe-haven currencies like the USD, and JPY.
The European Central Bank will publish the monetary policy statement with the interest rate decision on January 21, at 14:45 MT time.
Joe Biden is going to unveil a Covid-19 relief package of about $2 trillion. After this announcement, the 10-year Treasury yield rose, adding support for the USD.
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