Investing.com – Bitcoin fell Monday as uptake for cryptocurrencies remained weak in the wake of recent 'cyberheists' and the ongoing threat of regulation surrounding the most valuable cryptocurrency by market cap.
The total cryptocurrency market cap at $505 billion, is only modestly above $478 billion – the level last seen following the so-called crypto-bloodbath on Jan. 16 – suggests investor demand for cryptocurrency remained subdued. During the more bullish period in cryptos, the total cryptocurrency market cryptocurrency was well over $800 billion.
Bitcoin fell 4.58% to $11,258 as it deepened its losses after suffering its third-straight week following as reports that one of Japan’s largest exchanges, Coincheck was hacked Friday, resulting in a loss of roughly $530 million in NEM coins, strengthened calls for increased regulation in cryptocurrency industry.
Japan's status as one of the safe-havens for cryptocurrencies has since come under scrutiny as Japanese regulators said Monday they would investigate cryptocurrency exchanges in the country for security gaps and ordered Coincheck to raise its standards.
Singapore-based NEM Foundation said that it had a tracing system on the NEM blockchain and had “a full account” of all of Coincheck’s lost NEM coins, but added that it had no way to return the stolen coins to its owners.
Coincheck, however, pledged to use its cash to reimburse about 46.3bn yen to the 260,000 people who lost their holdings of NEM, which remained under pressure.
Ripple XRP, meanwhile, rose 0.23% to $1.28 but remained below its all-time high of $3.28 on the poloniex exchange. While Ethereum, the second largest cryptocurrency by market cap, fell 4.41% to $1,174.10.