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Cryptocurrencies Slip as Bitcoin Holds $6,500

CryptocurrencyOct 23, 2018 11:49AM ET
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© Reuters. Bitcoin stabilized amid general downturn in cryptos. - Cryptocurrencies traded slighted lower on Tuesday and bitcoin hovered around $6,500 while investors continued to digest the recent wave of regulatory news.

Bitcoin fell 0.11% to $6,535 at 11:45 AM ET (15:45 GMT) on the Bitfinex exchange.

With little news flow on Tuesday, the largest digital coin by market capitalization was off 2% in the last seven days as traders factored in recent regulatory steps in the cryptocurrency universe.

News surfaced last week that the Financial Action Task Force (FATF) - an intergovernmental organization founded by the G7 to combat money laundering - will publish its first rules for cryptocurrency regulation by June 2019.

The FATF said in a statement that the new rules will require every jurisdiction to properly license or regulate crypto exchanges and some firms to provide encrypted wallets.

FATF President Marshall Billingslea added that the watchdog will conduct periodic reviews to ensure countries are properly implementing the new rules.

In other regulatory news in the wider sector, the Chinese government announced plans last week to strip blockchains of their anonymity.

A draft policy from the the Cyberspace Administration of China (CAC) showed that the rules, if enacted, would apply to any China-based company regarded as a blockchain information service provider.

The rules would require blockchain service providers to register with the agency, including names, service types, industry fields and server addresses. The information would become publicly available and the CAC would conduct reviews on a yearly basis.

In other digital currency trading, Ethereum lost 1.38% to $203.56 in the last 24 hours; XRP traded down 2.57% to $0.44792, while Bitcoin Cash, product of the Bitcoin fork and the fourth-largest cryptocurrency by market capitalization, declined 1.3% to $447.84, reducing weekly losses to 4.9%.

Cryptocurrencies Slip as Bitcoin Holds $6,500

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