Bitcoin Attempts to Rally From Losses; Other Cryptos Fall

13 August 2018, 17: 42
© Reuters.  Bitcoin was slightly higher on Monday.

Cryptocurrencies were mixed on Monday, as Bitcoin attempted to recover from last week's losses and other coins were lower.

Bitcoin rose 1.34% to $6,450.40 on the Bitfinex exchange, as of 8:46 AM ET (12:46 GMT), but still remained near a three-and-a-half-week low.

The price of digital coins plunged 10% last week after the U.S. Securities and Exchange Commission 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.

Cryptocurrencies, overall, were slightly lower on Monday. The coin market cap of total market capitalization was at $217 billion at the time of writing, compared to $232 billion on Friday.

Ethereum, the second-biggest alternative currency by market cap, fell 1.05% to $319.12 on the Bitfinex exchange. Ripple, the third-largest virtual currency, decreased 0.38% to $0.30393, while Litecoin was at $60.132, down 0.32%.

In other news, the Japanese Financial Services Agency (FSA) found it should be stricter about accepting new exchanges, after reviewing the results of onsite inspections that took place in 23 local cryptocurrency exchanges.

As a result, new exchanges will have to have onsite visits by government inspectors, the agency announced.

“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,” the FSA said in its report.