The main digital coin erased all the gains done after Elon Musk's February announcement. What are we heading into?
Crypto assets keep diving after Friday’s abrupt market meltdown
On Monday, Bitcoin along with other key crypto assets kept slumping in Asia after Friday’s abrupt market meltdown, which generated double-digit losses across all digital coins for 24 hours.
As a matter of fact, Bitcoin went down by 2.67% being worth $3,521.9. The world’s number one crypto asset sank to a fresh 3-week minimum, trying the $3,500 mark.
Additionally, Ethereum slumped by 6.10% hitting $116.56. As for XRP, it dived by 3.54% being worth $0.31846. Litecoin inched down by 7.83% reaching $30,272.
On Monday, several reports attracted attention. Well, Japan told that it wouldn’t have crypto exchange-traded funds approved. Moreover, regulations on crypto startups were passed by American local authorities, while Bitmain, a mining giant announced a management shuffle.
According to some sources, Japan’s Financial Services Agency may approve crypto ETFs tracking the digital tokens. Nevertheless, on Monday the regulator stressed that it doesn’t intend to do this. Moreover, the watchdog told the listing of Bitcoin futures on the financial instruments market isn’t considered.
The given response happens to be in line with its cautious approach to digital coins. By the way, in December, the watchdog opposed revisions to Japan’s securities law to allow crypto options and futures to be listed on key financial exchanges.
Besides this, the American state of Wyoming advanced a bill to permit blockchain startups to work in a regulatory "sandbox" for a legislative vote. In case the bill becomes the law, such startups could test cutting-edge technologies and find out how they could operate under currently existing regulatory regimes.
Meanwhile, some media reports in Asia told that Micree Zhan and Jihan W, the co-founders of Chinese Bitcoin mining company Bitmain are going to step down as CEOs of the giant and Wang Haichao is going to be a new CEO. Both Wu and Zhan will stay in the company as co-chairs.
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