Crypto prices keep heading south

On Friday, crypto assets proceeded with their tumble in Asia. Bitcoin slumped over 7%. News that British watchdogs warned market participants against crypto derivatives gained some attention.

As a matter of fact, on the Bitifinex exchange, Bitcoin inched down nearly 7.3% ending up with a shocking reading of $4,315.4. For just a week the number one cryptocurrency has lost over 25% of its value.

On the Poloniex exchange, the currency pair XRP/USD lost about 9.1% trading at $0.41275.  

The currency pair ETH/USD dived by 10.6% hitting $125.05. As for Litecoin, this crypto asset went down by 8.8% trading at $32.219 on the Bitifinex exchange.

Executive Director of Strategy and Competition at the Financial Conduct Authority, Christopher Woolard revealed the latest outcomes of the large-scale study carried out by the British authorities as for digital coins as well as the blockchain technology.

Additionally, during this week’s “Regulation of Cryptocurrencies” event, which took place in London, he hinted at a probable ban on some crypto-based derivatives.

He told that they’re concerned that retail clients are being sold extremely volatile, complex as well as often leveraged derivatives built around exchange tokens. Considering it, the FCA is going to consult on a prohibition of the sale to retail clients of derivatives having to do with some types of digital coins. For instance, these might be contracts for difference, futures, options as well as transferable securities.

Additionally, on Thursday, Live Bitcoin News informed that Saudi Arabia along with the United Arab Emirates is working on a digital coin, expected to be launched in mid-2019. However, the official name of the crypto asset hasn’t been uncovered yet. The Saudi Arabian Monetary Authority is currently assessing the overall feasibility of such an asset.

The given currency will be backed by the Saudi major bank as well as a limited number of other financial institutions.