Cryptocurrencies are going down... What may signal a recovery?
Crypto assets inch up
On Wednesday, key digital coins generally surged in Asia, reversing losses from yesterday.
While it wasn’t a driver for the price moves, Bermuda’s Premier David Burt’s statement on the case of Canadian crypto exchange QuadrigaCX gained much attention among crypto investors.
Eventually, the most popular digital coin, Bitcoin rallied by 1.37% showing $3,992.3.
As for Ethereum, it surged by 1.35% coming up with an outcome of $137. As for XRP, it headed north by 1.49% being worth $0.30647. Litecoin jumped by 2.14% reaching $60.256.
On Monday, David Burt, Bermuda’s Premier told that incidents like the one of QuadrigaCX wouldn’t occur in his country due to the regulations, which are in place. The statesman added that if Bermuda were the place of registration for the crypto exchange, then the private keys wouldn’t have been lost.
According to Bermuda’s Digital Asset Business Act 2018, blockchain, crypto-related businesses as well as protection of customers’ rights have certain boundaries.
In fact, the buzz about Quadriga burst out when its CEO Gerald Cotten suddenly passed away. Many investors regret that Cotten didn’t reveal the password for access to cold wallets. As a result, the company currently owes C$250 million to up to 115,000 users.
By the way, there was more news from Asia to be digested by market participants. As a matter of fact, Japanese e-commerce company Rakuten was provided with a license for its cryptocurrency exchange. Dubbed Rakuten Wallet, the company is registered as a virtual currency exchange service provider.
Besides this, Singapore-based exchange DragonEx told it has undergone a cyberattack. As a result, an unknown amount in a number of crypto assets was transferred and thieved.
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Welcome to Tuesday, people! Here’s your markets update ahead of the European trading session.