Bitcoin investors are starting to show signs of short-term profit taking

[ad_1]

Bitcoin was trading nearly 3.7% down early Tuesday morning.

The price was around $ 45,798 per coin, while rivals Ethereum and Dogecoin were trading at around $ 3,165 (-3.66%) and 32 cents (-3.85%) per coin respectively, according to Coindesk.

Bitcoin failed to break through the $ 50,000 plateau during weekend trading and is starting to show signs of short-term profit taking.

ANALYSIS: DECENTRALIZED FINANCE: LAST FRONT IN THE CRYPTO PIRACY PROBLEM

The world’s largest crypto by market cap is down 2.5% in a 24-hour period, according to data from CoinDesk.

Still on the year-to-date returns, bitcoin is up 56% thanks to a strong performance from bullish traders throughout the first half of this month, with prices rising from $ 38,000 on August 4 to approximately $ 48,190 Saturday.

In other cryptocurrency news, in a bid to appease financial regulators, the operator of South Korea’s largest stock exchange in terms of trade volume is said to be rolling out a solution to combat it. money laundering, Coindesk reported on Tuesday.

Blockchain technology research arm Lamda 256 of cryptocurrency exchange operator Upbits Dunamu has launched its VerfiyVASP solution for its Singapore stock exchange trading business, according to the report.

Meanwhile, South Korea will see the Dunamus “travel rule” solution rolled out for Upbit next month, according to a report by The Korea Herald on Tuesday.

CRYPTOCURRENCY INVESTOR WARNS GOVERNMENT OVERSIGHT COULD CREATE BAD REGULATIONS

The rule, which entered into force in 2019, applies to all virtual asset service providers (VASPs) and is enforced by the Financial Action Task Force (FATF), an intergovernmental watchdog against money laundering. . This forces crypto companies to share personally identifiable information for transactions over a certain amount, Coindesk reported.

In Spain, the country’s National Securities Market Commission has issued a warning against 12 companies, including the Huobi and Bybit crypto exchanges, for failing to register with authorities while providing security services. ‘investment.

The story continues

GET FOX BUSINESS ON THE GO BY CLICKING HERE

However, the warnings do not necessarily mean that trading will be banned within the country. Spain’s SMC only has administrative powers and should make a formal appeal to justice to sanction companies, according to its website.

The warning is intended to alert operators and consumers, Spanish website CriptoNoticias reported.

[ad_2]