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Bitcoin was trading nearly 3.7% lower early Tuesday morning.
The price was around $45,798 per coin, while rivals Ethereum and Dogecoin were trading around $3,165 (-3.66%) and 32 cents (-3.85%) per coin, respectively, according to Coindesk.
Bitcoin failed to break the $50,000 plateau during weekend trading and is beginning to show signs of profit-taking in the short term.
ANALYSIS: DECENTRALIZED FINANCE: LATEST FRONT IN CRYPTO'S HACKING PROBLEM
The world’s largest crypto by market cap is down 2.5% over a 24-hour period, CoinDesk data shows.
Still for year-to-date returns, bitcoin is up 56% courtesy of a strong showing by bullish traders throughout the first half of this month as prices steadily rose from $38,000 on Aug. 4 to around $48,190 on Saturday.
Bitcoin was trading nearly 3.7% lower early Tuesday morning. (iStock) In other cryptocurrency news, in a move aimed at appeasing financial regulators, the operator of South Korea’s largest exchange by trading volume is reportedly rolling out an anti-money laundering solution, Coindesk reported Tuesday. Blockchain technology research arm, Lamda 256, of cryptocurrency exchange Upbit’s operator Dunamu has launched its VerfiyVASP solution for its exchange trading activity in Singapore the report said. Meanwhile, South Korea will see Dunamu’s "travel rule" solution rolled out for Upbit next month, according to a report by The Korea Herald on Tuesday. CRYPTOCURRENCY INVESTOR WARNS GOVERNMENT OVERSIGHT COULD CREATE ‘BAD REGULATION’ The rule, which went into effect in 2019, applies to all virtual asset service providers (VASPs) and is enforced by the Financial Action Task Force (FATF) an intergovernmental anti-money laundering watchdog. It requires crypto companies to share personally identifiable information for transactions above a certain amount, Coindesk reported. In Spain, the country’s National Securities Market Commission issued a warning notice for 12 companies, including crypto exchanges Huobi and Bybit, for failing to be registered with authorities while providing investment services. GET FOX BUSINESS ON THE GO BY CLICKING HERE The warnings do not necessarily mean the exchanges will be banned from the country, however. Spain's SMC only has administrative powers and would have to make a formal appeal to the justice system to sanction the firms, according to its website. The warning is meant to alert operators and consumers, Spanish-language website CriptoNoticias reported. Source: Read Full Article