Regulatory Certainty for Cryptocurrency Industry Crucial to Retain Investors

Steven Anderson By Steven Anderson August 1, 2019 Off
crypto regulation

The services of Bitfinex was temporarily announced to be not available on August 01, 2019 due to technical tasks.  Maintenance is essential to ensure stability and the scalability of the engine.  The maintenance is scheduled to start at 09:30 UTC and is set to last for nearly 2 to 3 hours.

Until the technical maintenance tasks are over, the wallet operations might not be made available the Bitfinex and Ethfinex users.  The exchange anticipates forced liquidity once the services resume; therefore, they have required the users to keep a check on their margin positions.

Bitfinex will be launching a data channel, which will permit real-time information on the liquidated marginal positions of the investors in the platform. Early in July, Bitfinex will be spending about 27% of the margin trading fees to buy UNUS SED LEO tokens, which were issued to cover for the $850 million, which stay frozen in the accounts of Crypto Capital, the payment company.

Bitcoin today has retreated from its intraday high of $10,166, and it was trading at $10,000.  The recovery did not prevent the fading away of the bullish momentum.  The volatility has been shrinking, and it is indicative that the bulls are not ready to push the coins any higher.  The BTC/USD remained unchanged, and it has gained 3.5%

On a day-to-day basis, Ethereum has lost 2%.  ETH/USD has been hovering in the price ranges of $210.  The downside momentum is gaining traction.  Breaking past $220 was not a successful attempt.

Ripple continued to be capped by $0.3200 handle.  The current market capitalization of Ripple is $13.6 billion.  The coin continued to be unchanged, and it lost nearly 1% of its value ever since Thursday.

Litecoin has been performing strongly with 6% of gains on a day to day basis. It has been seen trending within the $100 and $96 range.

While the Internal Revenue Service has been considering taxing of the cryptocurrency “high enforcement priority” it has been felt that the IRS might be exaggerating on the severity of its tax law violation in the absence of clear cut regulatory guidance.

It is only with appropriate regulation; it will be possible to keep the firms in the US.

Jeremy Allaire recently stated, “I think it is ultimately going to lead to, ultimately legislative initiatives to try and ensure that there are appropriate safeguards and investor protections but also clarity, which is much needed to allow the technology and industry to flourish.”