Reuters reported that a collective of 16 Japanese cryptocurrency exchanges is drawing plans to install a self-regulating body as early as next week. The plan is to fast-track a self-regulatory environment to better secure investors, particularly in the wake of the recent hack of Tokyo-based exchange Coincheck where $530 million in NEM tokens were stolen less than a month ago. The MVIS CryptoCompare top 100 index has fallen1.8% in the last 24 hours to 5,333.45.
Top 10
Every top 10 coin by 24 hour volume has posted negative changes, ranging from 2 to 11%, in the last 24 hours. Ethereum Classic (-10.9%) and Litecoin (-10.6%) showed the biggest losses of all the top 10 coins, while DASH (-2%) posted the smallest. Both ETC and LTC have had substantial rallies over the past week due to an airdrop and fork on the respective coins.
TRX had a negative change of 7%, while Ripple, NEO and EOS have shown losses of around 8%. Bitcoin Cash posted a loss of 9.2%, and is currently sitting at $1,363 with a total volume of $471M.
BTC
South Korea’s financial regulator and watchdog has called for the development and ‘normalization’ of cryptocurrencies in the country. Only a month earlier news of a possible ban on cryptocurrency trading in South Korea shook markets. Today , local adopters, investors and the wider industry seem to be more optimistic regarding the future of cryptocurrencies.
Choe Heung-sik, chief of South Korea’s Financial Supervisory Service (FSS), confirmed that the government will support ‘normal transactions’ of cryptocurrencies, and also said the government will “encourage” traditional banks to establish ties and facilitate transactions with cryptocurrency exchanges through virtual accounts.
A Reuters report covering Choe’s press conference shows the regulatory chief going a step further, calling for the development of cryptocurrencies to make them become a societal norm. Choe stated:
“The whole world is now framing the outline (for cryptocurrency) and therefore (the government) should work more on normalization than increasing regulation.”
At the time of writing, the Bitcoin price is sitting at $10,925 representing a loss of 4.25% in the last 24 hours. More than $1.8B worth of BTC were exchanged in the BTC/USD market representing a 29% share of global daily volume. The BTC/JPY pair represents a 42% share.
ETH
The Ethereum price has dropped 5.7% over the past 24 hours and is currently sitting at $881, with over $400M worth of Ether exchanged in the past 24 hours on the ETH/USD pair which has a 30% market share of the global daily trading volume. The largest Ethereum pair was ETH/BTC with a 36% share.
LTC
The Litecoin price has dropped 10.6% over the past 24 hours and is currently sitting at $217, with over $360M worth of LTC exchanged in the past 24 hours on the LTC/USD pair, the largest Litecoin pair, which has a 36% market share of the global daily trading volume.
ETC
The Ethereum Classic price has dropped 10.9% over the past 24 hours and is currently sitting at $36, with over $90M worth of ETC exchanged in the past 24 hours on the ETC/USD pair which has a 16% market share of the global daily trading volume. The largest Ethereum Classic pair is ETC/BTC with a 36% share.
