The main digital coin erased all the gains done after Elon Musk's February announcement. What are we heading into?
Crypto assets inch down, Bitcoin keeps to $6,500
On Tuesday, crypto assets declined a bit, while Bitcoin kept to $6,500. Meanwhile, market participants kept digesting the recent wave of regulatory reports.
As a matter of fact, on the Bitfinex exchange Bitcoin headed south by 0.11% being worth $6,535.
With minor news flow on Tuesday, the number one crypto asset by market capitalization has slumped by 2% for the last seven days due to the fact traders considered recent regulatory measures in the cryptocurrency world.
News surfaced the previous week that the Financial Action Task Force, which is an intergovernmental organization established by the G7 to withstand money laundering, is going to publish its first regulations for crypto assets by June 2019.
As the FATF told, the fresh regulations will need every jurisdiction to regulate or license crypto exchanges as well as some firms in the proper way to provide encrypted wallets.
Marshall Billingslea, FATF governor stressed that the from time to time the regulator is going to conduct reviews just to make sure that countries are implementing the new regulations in the proper way.
In addition to this, the previous week the Chinese government uncovered plans to deprive blockchains of their long-lasting anonymity.
According to a draft policy from the the Cyberspace Administration of China, the regulations would apply to any China-based firm regarded as a blockchain information service provider.
The regulations suggest that blockchain service providers are obliged to register with the agency. They’re expected to provide their service types, names, industry fields as well as server addresses. The data would become available to anybody and reviews would be conducted by the CAC on a yearly basis.
Besides this, Ethereum declined by 1.38% hitting $203.56 for the last 24 hours. As for XRP, it decreased by 2.57% being worth $0.44792.
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What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…