The main digital coin erased all the gains done after Elon Musk's February announcement. What are we heading into?
Crypto assets inch down
On Monday, crypto assets generally dipped in Asia. It was provoked by the news that Hong Kong would have its regulations on digital currencies tightened.
Eventually, Bitcoin went down by 0.6% ending up with $3,263.9. As for Ethereum, it sank by 1.7% trading at $85.2.
In addition to this, XRP slumped by 1.32% reaching $0.28874. Litecoin rallied by 1% showing $26.183.
Referring to the Securities and Futures Commission’s guidelines, South China Morning Post informed that the watchdog would soon need local investment funds in order to get a license if more than 10% of the assets managed by them are made up of crypto assets. Only related products can be sold by funds to professional investors, as follows from the report.
Soaring worries over fraud as well as money laundering have assisted the watchdog to get down to direct actions, SCMP told. It also added that the fresh regulations are going to be implemented in stages.
The requirements of the SFC initiative might prove extremely burdensome for a number of operators, as some experts pointed out.
Last Friday, digital currencies declined on news that wash trading still dominates the vast majority of Bitcoin trading volumes.
Evidently, by volume, fake trading occupies nearly 80% of the top 25 Bitcoin pairs. That’s what follows from a report provided by the Blockchain Transparency Institute. Dubbed wash trading, that’s a form of manipulation by which a trader both sells and purchases with the aim of creating misleading activity on the market.
As for most of these Bitcoin pairs volume, it’s below 1% of their posted volume on CoinMarketCap, the report points out. Experts noted just 2 out of the top 25 pairs not to be harshly wash trading their volume, Bitfinex and Binance.
By the way, on Friday, Bitcoin lost 4% reacting to the news. As for other key crypto assets, they declined by nearly 5%.
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