The cryptocurrency market turned bearish amid tightening regulations on the digital asset sector in different parts of the world, with the market capitalisation shedding 4.5 percent to reach $2.1 trillion and Bitcoin falls to $44,683 as of 1135 hours GMT on Monday.
The price of bitcoin falls 2.77 percent to reach $44,683. With this decrease in price, the market capitalisation of the biggest cryptocurrency has fallen to $840.6 billion.
Likewise, ether (ETH) price came down by 5.66 percent to reach $3,230. With this decrease in price, the market capitalisation of ETH has reached $378.7 billion.
Similarly, XRP price dipped by 4.13 percent to reach $1.06. The market capitalisation of XRP stands at $106 billion after this decrease.
Following suit, cardano (ADA) shed 7.14 percent to reach $2.40. Its market capitalisation has reached $77.7 billion after this decrease. On the other hand, dogecoin (Doge) price slipped by 4.21 percent to reach $0.235. With this decrease in price, the market capitalisation of doge has reached $30.9 billion.
South Korea’s Financial Services Commission (FSC)
Meanwhile, South Korea’s Financial Services Commission (FSC) has set a deadline for overseas and local crypto exchanges to register as legal trading platforms by the end of September. While the country aims to tighten regulations on the digital asset sector, nearly two-thirds of all exchanges, around 40, are expected to be shut down.
Currently, the country’s crypto trading industry is dominated by four major exchanges – Upbit, Bithumb, Korbit and Coinone. These platforms account for over 90 percent of the country’s total digital asset trading volume.
So far, around 20 exchanges have met some of the conditions set out by the financial watchdog by enabling systems for collecting personal information to allow crypto trading on the platforms. However, industry insiders believe that these operators would still struggle to survive in the industry, given the limited size of their businesses.
