Weekly Cryptonews
Cryptocurrencies are going down... What may signal a recovery?
Digital currencies generally decline
On Tuesday, key digital currencies went down in Asia, with the market capitalization accounting for $181 billion.
As a matter of fact, Bitcoin declined by 1.05% ending up with $5,185.1 having leapt to $5,299.4 yesterday.
Aside from that, Ethereum tumbled by 2.64% hitting $175.89, while XRP declined by 3.29% reaching $0.34981. Besides this, Litecoin decreased by 5.95% concluding the trading session at $85.874.
One of Canada’s leading crypto exchanges, QuadrigaCX was officially found bankrupt right after the court monitor Ernst & Young told that it should be the case earlier in April. Under the federal Bankruptcy and Insolvency Act, as a trustee, Ernst & Young is going to be granted enhanced investigative powers.
Eventually, the crypto exchange owes 115,000 users over $260 million in cash and digital coins, in particular, Ethereum and Bitcoin.
After its creator Gerald Cotton unexpectedly passed away last year in India, the crypto exchange failed to access the money stored in the cold wallets because Cotton turned out to be the only person holding the passcodes.
Additionally, Lithuania’s Ministry of Finance offered legal amendments for operating crypto-related companies.
The given is expected to ensure more legal certainty for the operation of businesses having to do with crypto wallet operators, cryptocurrency exchanges as well as initial coin offerings. The financial watchdogs also intend to come up with requirements to ensure efficient prevention of terrorism funding and money-laundering.
The director of the Finance Ministry's financial market policy department, Sigitas Mitkus told that they’re eager to make a transparent legal environment for depository wallet operators, crypto exchanges and also ICO initiators. They’re also willing to ensure better consumer protection.
Users’ identity is going to be checked before they make use of services if the operation value surpasses 1,000 euros. In fact, the move suggests that Lithuania could become the first country in the world to have recommendations of the Financial Action Task Force implemented.
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