Japanese regulators suggested preventing cryptocurrency exchanges from trading anonymity-oriented altcoins Dash (DASH) and Monero (XMR) this month, Forbes reports today, April 30. Relating the outcome of a working group meeting of industry “experts” and the country’s regulator the Financial Services Authority (FSA), the publication quotes one member of the group raising the idea of preventative measures regarding the altcoins, which are known for their focus on privacy and user anonymity. Continue reading Japanese Regulators Discussed Restricting Trade Of Privacy-Focused Altcoins
Trading has officially opened in South Korea on the Beijing-born Huobi crypto exchange, according to Huobi Group’s official announcement March 30. Huobi’s new South Korean subsidiary supports 100 altcoins and trading on 208 markets (77 ETH markets, 98 BTC markets, and 33 USDT markets). Continue reading Trading Opens On Crypto Exchange Giant Huobi In South Korea
The cryptocurrency markets succumbed to another mid-week slump on Wednesday, with the majority of top-tier coins posting minor declines. Meanwhile, Bitcoin dominance rose to a two-month high as investors continued to consolidate their holdings back into the flagship cryptocurrency. At present, the cryptocurrency market cap is valued at $452.4 billion, down from $459.6 billion on Tuesday. This represents a single-day decline of approximately two percent. The Bitcoin price had entered the day on an upward trajectory, and it continued to ride this bullish wave past the $11,000 barrier, eventually rising as high as $11,065. However, Bitcoin met resistance at that mark, and before long, the Bitcoin price began to retrace. Ultimately, the Bitcoin price plunged more than $400 on Bitfinex and is currently trading at $10,599. This represents a single-day decline of about one percent and leaves Bitcoin with a $181.5 billion market cap.
The recent fluctuations in Bitcoin and altcoin prices has resuscitated the debate on cryptocurrencies functioning as a true store of value. After rising about $20,000, this dip in price had seen the most popular cryptocurrency slump to almost $6,000 before rising again and then trading around the $8,400 region as at the time of writing. Rising and falling, and rising again has been one of the usual characteristics of the Bitcoin and cryptocurrency price trend. However, probably due to the increased level of awareness and the literal monetary value of the current price dip, the anti-crypto campaigners found a reason to make loud their criticism of the technology. Delivering his speech in London on February 8 2018, Yves Mersch, Member of the Executive Board of the ECB noted that the wild fluctuations in the value of virtual currencies (VCs) mean that businesses pricing in VCs could find themselves with a large and detrimental gap between their actual price and their optimal price. He explains that when there is considerable uncertainty around how many goods and services an asset can buy in the future, or indeed whether it can be used to purchase anything at all, the asset becomes a poor store of value.