Bitcoin, Crypto Prices Continue to Fall

Aug 01, 2018

Bitcoin continued to fall on Wednesday, as other cryptocurrencies also struggled for momentum.

Bitcoin was trading at $7,572.90, falling 5.34% on the Bitfinex exchange, as of 8:43 AM ET (12:43 GMT), far from its high of $8,281.80 last week.

Cryptocurrencies overall were lower. The coin market cap of total market capitalization was at $272 billion at the time of writing, compared to $281 billion on Tuesday.

Ethereum, the second-biggest alternative currency by market cap, fell 3.52% to $422.83 on the Bitfinex exchange. Ripple, the third-largest virtual currency, increased 2.85% to $0.45001, while Litecoin was at $78.034, down 1.42%.

Digital currencies were boosted last week after news that U.S. Securities and Exchange Commission would approve an exchange traded fund. But the ETF proposed by Tyler and Cameron Winklevoss was rejected on Thursday because regulators said it would not be protected from manipulation.

In other news, cryptocurrency exchange Binance is acquiring mobile wallet company Trust Wallet. The merger between the second-largest exchange by volume and the wallet founded in 2017 is expected to help Bianance improve its services and user safety.

Meanwhile, the majority of digital exchanges want the industry regulation, according to a survey by payments company Mistertango.

Around 88% of respondents said they want to be regulated and that it is a solution to industry-wide threats. Only 17% of those surveyed said too much regulation is the biggest threat to the industry. Meanwhile 55% believe users should be subject to know-your-customer and other anti-money laundering measures.

As cryptocurrencies have gained popularity, but remained volatile, regulators around the world have struggled with how to oversee digital currencies, with exchanges facing increased scrutiny in the past year.