There was a sharp sell-off onTuesday, and the Altcoins have recovered from the recent lows. It is seen that all the Altcoins are seen inthe green; however, the upside momentum is yet to gain traction.

The overall capitalization of thedigital assets in circulation has gone up from $264 billion to $252billion. The overall trading volume isseen at $7.9 billion. The market shareof the Bitcoin market has decreased down to 65.6% which is down from the recenthigh recorded at 66.6%

Reuters recently published onJuly 18 that the push for the network has been motivated by the resolve of theJapanese government to combat money laundering effectively.

Japan is geared to create a newglobal cryptocurrency payment system, which will be a lot similar toSWIFT. The plans are kept under wraps,but anonymous sources have to say that Tokyo will have the network establishedin the next few years.

The Financial Services Agency,The national regulator of Japan and Japan's Ministry of Finance, proposed theplans for the network.

An inter-governmentalorganization, which promoted the legal, operational, and regulatory measuresare focusing on fighting money laundering on a global scale. The prospective network has been approved foroversight by the Financial Task Action Force, which is a G7-initiatedintergovernmental organization.

While the US lawmakers grilledFacebook over its ambitions plan about its attempts to creating a digitalcurrency based ecosystem, the G7 group consisting of the most developedeconomies of the world have also expressed their concerns over Libra.

The G7 Finance ministers feltthat severe regulatory problems should be worked out before the introduction ofLibra.

The G7 bloc includes nations like“Canada, France, Germany, Italy, Japan, the United Kingdom, and the UnitedStates.”

A French official said,"Concerns (were) expressed by all the participants about the currentsituation and the need to act quickly."

While there has been intense scepticism over the Facebook's cryptocurrency plan from financial regulators, politicians, and data protection activists, the prevailing concern among all of them is about the social media giant with the 2.38 billion users to be able to upend the financial system.

President Trump is also in thelist of the concerned. He tweeted in thepast week, "will have little standing or dependability." Mnuchinfurther stated on Monday, "They're going to have to convince us of veryhigh standards before they have access to the US financial system."

Sherrod Brown, the DemocraticSenator, stated, "Facebook has demonstrated through scandal after scandalthat it doesn't deserve our trust." He further added, "We'd be crazy to give them a chance to let themexperiment with people's bank accounts."