Bitcoin Recovers After Suffering 10% Losses Last Week

13 August 2018, 17: 01
Bitcoin recovered on Monday

Bitcoin recovered on Monday after suffering about 10% of losses last week, although other major cryptocurrency prices remained under pressure.

Bitcoin was up 0.9% to $6,339.3 at 12:50AM ET (04:50 GMT) on the Bitifinex exchange.    

Ethereum slipped 1.3% to $318.9 on the Bitifinex exchange.    

Ripple lost 1.8% to $0.29878 in the last 24 hours on the Poloniex exchange, while Litecoin slipped 0.9% to $59.005.

The prices of digital coins plunged last week after the U.S. Securities and Exchange Commission (SEC) postponed its decision on a crypto exchange traded fund.The SEC will decide by the end of September if VanEck Associates and Solid Partners can list their Bitcoin-backed ETF, the agency said. The SEC already denied a similar ETF proposal in July and nine other proposals are being considered by the agency.

Despite losing about 10% last week, on the month Bitcoin is still up around 1.4%, while its share of the total market cap remained above 50%, Cointelegraph reported.

In other news, the Japanese Financial Services Agency (FSA) announced the results of on-site inspections that took place in 23 local cryptocurrency exchanges.

“We will enrich document and evidence confirmation about the situation of the company’s business plan and the effective internal control system and the situation of the governance system that gives priority to user protection, performing the verification on-site and through hearings,”

Any new exchange will be required to have an on-site visit by government inspectors that would look into their business models for certain criteria, reports said.

Elsewhere, Kenneth A. Blanco, director of the U.S. Financial Crimes Enforcement Network, said that the agency has seen a jump in filings of crypto-related Suspicious Activity Reports (SARs). The number of complaints now exceeds 1,500 per month, according to Blanco.

“[While] innovation in financial services can be a great thing… we also must be cognizant that financial crime evolves right along with it, or indeed sometimes because of it, creating opportunities for criminals and bad actors, including terrorists and rogue states.”